Bernstein Research analyst Mark Shmulik said in a note to clients that Alphabet GOOG GOOGL, by most accounts, “delivered a pristine quarter.” But he wonders if investors are paying enough attention to fundamentals, in a market where headlines are driving so much of the narrative.

Shares of Google parent Alphabet climbed Friday as several analysts raised their price targets for the stock after the tech titan delivered better-than-expected quarterly results and touted the early success of AI features.