UPDATE: BGC Financial Reiterates Hold Rating, Raises PT on Google

In a report published Wednesday, BGC Financial reiterated its Hold rating on Google GOOG, and raised its price target from $690.00 to $760.00. BGC Financial noted, “Google has $48B in cash ($142.53 / share) and $2.98B long term debt as on December 31, 2012. Cash flow from operations was $4.6B in Q412. Cash increased by $2.3B in the December quarter from $45.7B on September 30, 2012 to $48B on December 31, 2012. We are positive on the quarterly results, increase our FY13 estimates, and increase our price target to $760 from $690 on shares of Google Inc. We still see Google performing relatively in line with the major indexes for the full year and maintain our HOLD rating.” Google closed on Tuesday at $702.87.