UPDATE: Global Equities Raises PT on Google to $700

Global Equities is out with its report today on Google

, raising its PT from $650 to $700. In its report, Global Equities writes, "We are increasing our FY2011 and FY2011 estimates on Google to reflect strength in Google's core Search business, pickup in Google's YouTube monetization, increased innovation velocity and strong start to Google Social Networking offering 'Google +'. We are raising our 12 – 18 months of Price Target from $650 to $700 based on a P/E multiple of 19.6x FY2011 estimates of $35.57; P/E multiple of 19.6xFY2012 estimates of $47.83." Global Equities reiterates Overweight on GOOG. At the time of posting, shares of GOOG were trading pre-market at $547.30, up 0.76% from Tuesday's close.