UPDATE: Hilliard Lyons Raises PT to $725 on Google

Hilliard Lyons increases its price target from $685 to $725 on Buy-rated Google GOOG following a solid quarter and stock-split announcement. Hilliard Lyons says, "We maintain our Buy rating as we continue to believe in Google's long-term advertising strategy. We believe the decline in CPC growth is a short-term issue and represents a longer-term opportunity for Google. We raise our Q2'12 non-GAAP EPS estimate to $10.41 on net revenue of $8.5 billion. Our revised FY'12 non-GAAP EPS estimate increases to $43.89." GOOG closed at $624.60 on Friday.