Google (GOOG) Trading Higher Before Tomorrow's Q3 Earnings Release

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October 14, 2009 2:05 PM EDT

Google Inc. (NASDAQ: GOOG) shares are trading modestly higher ahead of its Q3 earnings report, expected tomorrow. The stock is up 1.3% to $533.03.

Analysts currently expect Google to report quarterly EPS of $5.40 on revenue of $4.23 billion. According to data from Bloomberg, 36 analysts have Buy ratings on Google, 5 have Holds and just 1 has a Sell rating on the stock.

Over the past week, at least 13 different analysts revised estimates Google. Out of all the reports, FBR Capital is the most auspicious, estimating a "street high" for Google of $660 per share. Many analysts see Google at or north of the $600 mark.

Below are some the notable calls made on Google:

Gene Munster of Piper Jaffray says, "Expect Google To Post Q3 Revenue Above Street...We note there have been a number of estimate increases over the past month for Google, so the quarter beat may be largely priced in."
Aaron Kessler, of Kaufman Bros., says, "For 3Q, we expect 1%-2% upside to Street revenues and approximately 3% upside to Street EPS...overall, we are estimating 5.4% Q/Q net revenue growth vs. Street estimate of 3.4%."
Goldman Sachs' analysts comment, "We forecast 4.4% Q/Q consolidated gross revenue growth in 3Q as search executives reported mid-to-high single digit spending growth Q/Q, with stabilizing price per click (PPC) Y/Y after four quarters of declines."

Google is scheduled to report tomorrow, October 15, 2009, and generally reports right at 4:00pm ET. Stay tuned to StreetInsider.com's Earnings section to see our analysis of the highly-anticipated quarterly results within seconds of their release.