UPDATE: Wedbush Reiterates Neutral Rating, Raises PT on Google on Modest Upside to 3Q Revenue/EPS

In a report published Friday, Wedbush analyst Shyam Patil reiterated a Neutral rating on Google GOOG, and raised the price target from $860.00 to $980.00. In the report, Wedbush noted, “Google reported overall 3Q revenue and EPS modestly ahead of expectations. Given that sentiment was mixed heading into the print, we expect the reaction to the slight outperformance to be more positive than normal (stock is up ~8% after hours vs. ~4% EPS beat). We would note that for Google's gross revenue (ex-Motorola) the outperformance was due to the “other” line item (digital sales of apps and content) and the gross advertising revenue was slightly below estimates. We maintain our NEUTRAL rating and are increasing our target to $980 (from $860).” Google closed on Thursday at $888.79.