Google parent Alphabet nears $1 trillion value on ad-growth optimism

Alphabet Inc. shares rose as much as 1.7% following a sudden positive analyst commentary on the Google parents 2020 prospects.

Analysts were broadly positive that Alphabet would see strong growth in its and business, helped in part by political and spending.

Thursday's gain extends a push into record territory, with the stock having risen nearly 40% from a low in June. The rally has brought Alphabet within striking distance of a $1 trillion valuation. The current market capitalization is about$980 billion.

There are several advertising and shopping initiatives "that could increase product monetisation and impact overall revenue growth", wrote BofA analyst Justin Post, who called Alphabet "a top Internet utility."

Analysts Andy Hargreaves has an overweight rating and $1,546 price target on Alphabet shares. Cowen also cited an improved view of 2020 and spending, mentioning a survey it conducted of and buyers.

Google search is the highest return on investment platform, and YouTube is expected to be one of the"bigger expected and budget share gainers" through 2021, wrote by analyst John Blackledge. 

Currently 40 analyst recommend buying Alphabet, while five have a hold rating on the stock. None of the firm's tracked by Bloomberg have a sell rating on the shares. The average price target is about$1,467, roughly 4% above the most recent close.