UPDATE: Oppenheimer Upgrades Google to Outperform, Reiterates $752 PT

In a report published Monday, Oppenheimer Holdings upgraded its rating on Google

to Outperform, and reiterated its $752.00 price target. Oppenheimer noted, “We are adjusting our Google model for the acquisition of Motorola Mobility, which closed on 5/22. As a result, we are raising 2012E pro-forma EBITDA by 3% and 2013E EBITDA by 2%. We now estimate '11-'15E EBITDA CAGR of 19% vs. 20%, previously. We are increasing 2012E and 2013E revenue both by 29%. We forecast MMI to be additive to EBITDA, offset by an increase in amortization of intangibles from the acquisition, resulting in no impact on operating income. Raising 2012E and 2013E non-GAAP EPS by 4% and 1%, respectively, on higher interest income and a slightly lower tax rate. Price target unchanged at $752.” Google closed on Friday at $610.82.