Goldman Sachs Raises Numbers on Google (GOOG) on Strong Global Query Growth

Goldman Sachs raised estimates and its price target on Neutral-rated Google (NASDAQ: GOOG) from $660 to $685 follow a global query share update which showed Google again topped the list with query volume of 125.2 billion for 68.6% share, down 20 bp mom and up 270 bp yoy.

The firm said it now appears global query growth is likely to accelerate significantly in 4Q2011.

Goldman expects Google's core search business has the potential to post better than
expected results in the December quarter and are raising 2011/2012/2013 EPS estimates accordingly.

The firm raised 2011 EPS from $30.71 to $30.77 and 2012 from $39.17 to $39.49. 2013 was also raised.

For an analyst ratings summary and ratings history on Google click here. For more ratings news on Google click here.

Shares of Google closed at $640.25 yesterday.

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