Jefferies & Company Bullish On GOOG

Analysts at Jefferies & Company reiterate their "Buy" rating on Google Inc. (NASDAQ: GOOG)(FREE stock trend analysis), and raised the price target to $695 from $600, citing strengthening ad/e-com environment and improving FY10 outlook, which bodes well for GOOG.

The firm says “We're reiterating our Buy on Google to reflect a) signs of improvement in CPCs and b) optimism among advertisers for FY10 amid an improving macro picture. Given its dominant position in Search, Google is best positioned to benefit from such a trend.”

It added “Google Gained ~50bps m/m to 65.4% in Oct—its highest so far (comScore,) and clearly a positive for the company's 4Q momentum. We expect top line growth to accelerate Q/Q, driven by stronger CPC and better monetization.”

Today, GOOG is up 0.72% to $594.74. Today, GOOG made a new 52-week high of $596.13.