UPDATE: Oppenheimer Holdings Reiterates Perform Rating, Raises PT on Google

In a report published Wednesday, Oppenheimer Holdings reiterated its Perform rating on Google

, and raised its price target from $730.00 to $765.00. Oppenheimer Holdings noted, “While GOOG reported better than expected non-GAAP, the upside was driven by lower taxes and higher interest income. Meanwhile, the company admitted Nexus supply was constrained, resulting in lower than expected device sales and higher core margins. However, we see the margin overhang remaining a factor in 2013, assuming stronger device sales. We are increasing 2013-14E non-GAAP EPS estimates by 4% and 5%, respectively, to reflect a lower tax rate. Increasing price target to $765 from $730, based on 17x 2013E EPS.” Google closed on Tuesday at $702.87.