Google continues to get a lot of love from the analyst community these days, and while the stock has broken down in the past couple months. I could hardly imagine any other tech company doing a whole lot better in terms of investment returns. That being the case we got some added visibility on the company’s gross margins due to a Deutsche Bank report:Assuming the 34% is the Apple’s revenue share, we estimate Google has $3.8B in gross revenue from Apple including ~$2.9B from the Safari toolbar and ~$800M from organic search (see Figure 1, pg. 4). This is in line with our previous estimate and well below current consensus thinking (we’ve heard upwards of $10-$12B). We view this as a manageable exposure and not a long-term risk to Google. The $3.8B in gross revenue should grow at approximately the rate of iOS users ex China beyond 2014. Overall, I feel fairly confident in Google’s upcoming quarterly. It may be somewhat difficult to execute a meaningful top line beat as the company experienced a lot of currency volatility in the past year. However, the earnings figure will likely surprise given the company’s emphasis on cost efficiency, which has resulted in a consistent pattern of heightened profitability. Source: YCharts Nonetheless, the stock is beginning to form an up-trend formation, which indicates that the stock will likely move higher over the next couple days given the reasonable expectations among the analyst consensus. Source: Freestockcharts Deutsche Bank reiterates its buy recommendation and $900 price target. I’m going to offer a $710.33 price target on Google, which implies that the stock will likely consolidate at these levels for the duration of the year. While there could be incremental upside to the share price depending on its earnings beat, the vast majority of gains have already been made this year. Sure, sentiment will drag the stock price higher going into Feb. 1st earnings, but without a meaningful beat on sales/earnings the stock will likely fluctuate within $700 to $800. I’m initiating a hold rating on Google/Alphabet.