UPDATE: Citigroup Raises PT to $750 on Google

Citigroup increases its price target to $750 on Buy-rated Google

on channel checks and valuation. Citigroup says, "GOOG shares are flat YTD, materially underperforming the S&P 500. A series of overhangs related to the rise of Social Networks, the pending MMI acquisition, and mounting regulatory scrutiny -- as well as a Big Q4 Miss – have all been behind the underperformance. But near-term checks, new proprietary segment analysis, and a highly attractive valuation, all lead us to Reiterate our Buy." GOOG closed at $647.02 a share on Tuesday.