Jefferies Raises Google Price Target

There are three days to go until Google announces its third quarter financial results, and this morning, the search giant benefited from another show of support.  Jefferies & Co. anal...
Jefferies Raises Google Price Target
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There are three days to go until Google announces its third quarter financial results, and this morning, the search giant benefited from another show of support.  Jefferies & Co. analyst Youssef Squali raised his price target.

Squali now believes Google’s capable of hitting $680, as opposed to just $660 (his previous price target).  For reference, Google’s stock is currently hovering around $541, so that would represent a nice increase of about 25 percent.

That’s not all, either.  Eric Savitz wrote, "[Squali] raised his 2010 EPS forecast for the company to $27.32, from $26.89; for 2011, he now sees $32.52, up from $31.54."

GoogleThese upgrades come thanks to Google’s continued dominance in search, the corporation’s work in display and mobile advertising, and the economy’s semi-recovery.  According to Savitz, Squali thinks Google’s problems in China and the regulatory attention the company’s received don’t matter much in comparison.

Investors might be inclined to agree.  Google’s stock is up 0.95 percent at the moment, even though the Nasdaq’s only up 0.05 percent and the Dow’s down 0.07 percent.

Anyway, be sure to check in again on Thursday afternoon after Google makes its earnings report, and we’ll see whether or not the company is on the path Squali laid out.

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