Jefferies Lifts Google (GOOG) Price Target to $850

Jefferies raised estimates and its price target on Google (NASDAQ: GOOG) from $825 to $850 following solid Q1 results.

The firm comments, "Google put up solid 1Q results, in line with Street expectations and reflecting very healthy demand for online advertising and ecommerce so far in 2012. These results bode well for the group in general, and keep us positive on Google long-term, all the while recognizing that the lack of clarity around MMI is likely to remain an overhang on the stock short-term."

FY12 EPS goes to $41.51 to $42.94 and FY13 goes to $46.92 to $48.42.

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 $651.01 yesterday.

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