UPDATE: Piper Jaffray Raises PT to $730 on Google

Piper Jaffray increases its price target from $675 to $730 on Overweight-rated Google

Piper Jaffray comments, "Google posted upside to Q1 EPS, reporting $10.08 PF EPS on $8.1b in net revenue. Paid clicks accelerated in growth, up 39% y/y, while CPC's accelerated in decline due to continued mix shift, down 12% y/y. Beyond Q1 and based on recent WSJ reports that Google intends to invest in Motorola, we believe the integration could weigh on the stock following the company's strong earnings report. Google management did not offer any additional color on the acquisition. We believe the company is serious about getting into the hardware business. We continue to believe shares of Google are undervalued and increase our price target to $730 on 14.5x FY13 PF EPS." GOOG closed at $651.01 on Thursday.