With a P/E ratio of 22.2x and robust revenue growth of 13%, InvestingPro analysis suggests the stock may be undervalued despite its recent strong performance. Wedbush noted that a recent judge's decision has removed lingering risks associated with a potential worst-case regulatory outcome for Google, which represents a significant positive development for the company. The firm also pointed out that concerns about generative AI's impact on Alphabet's business are fading, with the company demonstrating its ability to navigate this transition period while successfully repositioning itself as a winner in the AI space. Wedbush highlighted that Alphabet shares continue to trade at a discount compared to META, suggesting investor focus may shift toward Alphabet's positioning relative to other megacap peers, with the firm expressing increased confidence in the long-term durability of Google's Search business.