UPDATE: JP Morgan Raises PT to $730 on Google

JP Morgan increases its price target on Overweight-rated Google

from $686 to $730 on margin upside to a solid Q1. JP Morgan notes, "Google posted solid 1Q12 results overall as upside to margins offset slightly light net revenues, and FX & hedging-neutral gross revenue showed only modest deceleration from 4Q11 levels. Street revenue is unlikely to change significantly coming out of 1Q earnings, but we believe Google's increased discipline on costs and hiring will be more materially reflected on the bottom line. We expect Google shares to grind higher in the near term based on the more favorable profit outlook." GOOG closed at $651.01 on Thursday.