UPDATE: Pivotal Research Group Raises PT to $820 on Google

Pivotal Research Group increases its price target from $806 to $820 on Buy-rated Google

as channel checks indicate material outperformance. Pivotal Research Group says, "Ahead of first quarter earnings at Google (scheduled for April 12), our channel checks are indicating material outperformance for the company vs. our prior expectations. Further, if 1Q12 acceleration holds, it will prove a strong indicator of more room to grow, in part because Google is capturing increased share of display advertising, and also because it is expanding the market of small and medium-sized enterprises which the paid search business relies upon." GOOG closed at $632.02 a share on Friday.