A global pandemic apparently can’t take a bite out of Alphabet (NASDAQ:GOOG, NASDAQ:GOOGL). In fact, GOOG stock recently hit an all-time high of $2,152.

And it appears set to challenge — if not exceed — that lofty number again.

I’ve long been a fan of GOOG stock. The company’s undisputed supremacy as an internet search engine alone makes it a powerhouse. But Alphabet has its tentacles in so many more profitable arenas that it’s hard to ignore the Mountain View, California-based tech giant.

What’s next for Google and its parent company, Alphabet? Let’s take a closer look.

GOOG Stock at a Glance

There’s a lot to like about Alphabet, which is the globe’s fourth-biggest tech company by revenue. The company was created in 2015 through a restructuring that saw Alphabet become the parent company of Google and several of Google’s former subsidiaries.

Now boasting a market capitalization of $1.3 trillion, GOOG stock has been a consistent winner. Returns include a 174% gain over the last five years, an 85% gain in the last 12 months and an increase of 17% on a year-to-date basis.

Fourth-quarter earnings included revenue of $56.9 billion, easily outdistancing the $53.13 billion that analysts expected. Earnings were also a positive surprise, coming in at $22.30 per share versus the $15.90 that the Street expected.

Advertising revenue rebounded nicely from the early months of the Covid-19 pandemic. You may remember that Q2 advertising revenue dipped sharply as businesses closed and people were forced to stay at home to avoid making the pandemic worse.

But in Q4 of 2020, Alphabet reported $46.2 billion in advertising, which was a 22% increase from the same quarter a year ago.

Alphabet CEO Sundar Pichai said the pandemic accelerated consumers’ shift to cloud-based services and that Google was able to adapt.

“This has profound implications for all companies and consumers, and we’re pleased that so many trust us to help them make this transition. In particular, Google’s products and support have been a lifeline for millions of small and medium businesses hit hard by the pandemic.”

Challenges Ahead

As I’ve mentioned before, the biggest challenge facing Alphabet and GOOG stock today comes not from competition or a virus, but from Washington and Brussels.

Courts in the European Union have already found Alphabet guilty on three occasions for antitrust violations. They issued fines totaling $9.7 billion.

And in the U.S., several states and the Justice Department filed lawsuits against Google alleging that it uses unfair anticompetitive tactics to stifle out competition and monopolize online advertising.

And more headaches may be coming.

Reuters reported that U.S. Representative David Cicilline of Rhode Island, chairman of the House Judiciary Committee’s antitrust panel, is preparing to release at least 10 new pieces of legislation that target Big Tech companies like Google.

The legislation is being released in a piecemeal manner rather than a single bill to make it more difficult for Big Tech companies to lobby against the efforts, as reported by Reuters.

So if you’re an Alphabet lobbyist or lawyer, you’ve got a busy summer ahead.

Can Anything Stop Google?

Despite all these challenges, there really doesn’t seem to be any slowing of the Alphabet profit machine.

Morgan Stanley analyst Brian Nowak even recently raised his price target for GOOG stock from $2,200 to $2,350. He said Alphabet is among the “recovery names” across online travel, rideshare and the online advertising space.

Nowak says Google will profit because consumers are well-positioned to spend as the reopening process continues from Covid-19.

The company is also putting more emphasis on its growing cloud business. While the company lost $1.24 billion on its cloud services in the fourth quarter, its spending and ramp-up should help it become a profit center soon.

Google Cloud managed a 47% year-over-year gain in revenue.

The Bottom Line

Already one of the biggest companies in the world, you can’t expect GOOG stock to deliver triple-digit growth. Instead, investors can expect a slow, but steady, growth curve that will reliably deliver profits.

Nowak’s price target represents a 15% price increase. For a company as consistent as Alphabet, that’s entirely reasonable and would be a welcome boost in any portfolio.

GOOG stock has a B rating and a buy recommendation in my Portfolio Grader.

On the date of publication, Louis Navellier and the InvestorPlace Research Staff member primarily responsible for this article both held long positions in GOOG.

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