According to Pacific Crest analyst Evan Wilson, Google isn’t going down without a fight.

“While we are increasingly confident that GCP could build a multi-billion-dollar cloud business by using its automation and data insight toolkit, the cloud market is large enough and moving fast enough that we remain comfortable that Amazon can sustain robust growth even as GCP and Azure narrow the feature gap over time,” Wilson explained.

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Among the three top cloud names, he believes Google is one of the few cloud plays that investors can look to that has a legitimate chance of long-term success, but also sports a share price that is not yet priced for that success.

In fact, Wilson calls Google “the cloud stock without a cloud multiple.”

In the long run, Pacific Crest believes every additional $1 billion in total cloud revenue could generate an incremental $0.25 in Alphabet EPS.

Pacific Crest has an Overweight rating on Alphabet and a $910 price target on the stock.

Disclosure: The author holds no position in the stocks mentioned.