Google (GOOG) To Rise On New Wall Street Targets

With Google (Nasdaq: GOOG) trading just slightly above the average Wall Street price target of $735.42, Wall Street analysts will be forced to take their price targets higher if they want to maintain their Buy ratings.

Shares of Google are currently at $712.80 after starting the year at $460.48, an amazing 55% gain.

There are now 37 Wall Street analysts covering Google --- 33 with Buy ratings and 4 with Hold ratings.

Following Google's last earnings report, a number of the firms raised their price target on the company. The average price target from 24 of the firms who have formal targets is now $735.42, according to Bloomberg data.

This means Google's consensus price target is just 3% above the current price. So, in order to maintain their Buy ratings, it would be reasonable to assume that many of these firms will have to raise their price targets in the coming days or weeks.

Here is a list of Wall Street price targets:
CIBC $700; Credit Suisse $800; UBS $760; Jefferies $725; Thomas Weisel $740; Stanford Group $735; Piper Jaffray $726; Citigroup $775; ThinkEquity $800; Goldman Sachs $800; RBC Capital $725; BMO Capital $690; Banc of America $785; Needham $690; Pacific Crest $850; Cantor Fitzgerald $750; ackson Securities $670; American Technology $815; Oppenheimer $700; Stifel Nicolaus $710 Merrill Lynch $740; Lehman Brothers $714; Bear Stearns $700

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