Jefferies Reiterates a 'Buy' on Google (GOOG); 3Q11 Results: "Gangbusters" Indeed!

Jefferies reiterates a 'Buy' on Google (NASDAQ: GOOG) price target raised from $830 to $850.

Jefferies analyst says, "Another fantastic earnings beat was driven largely by substantial growth in click volume mostly on Google's own sites, with growing contribution from mobile and display. With the secular shift and sound management more than offsetting the macro, we're raising our ests, PT and reiterating our rating. Google remains the cheapest large cap Internet stock in the group." (Jefferies raises FY11 EPS estimate from $34.09 to $35.96 and FY12 from $43.64 to $45.93)

For more ratings news on Google click here and for the rating history of Google click here.

Shares of Google closed at $558.99 yesterday.

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