UPDATE: J.P. Morgan Raises PT on Google to $705

J.P. Morgan is out with its report today on Google

, raising its PT from $685 to $705. In its report, J.P. Morgan writes, "Google posted another strong quarter with FX/hedging/ITA-neutral revenue growth accelerating slightly to 27.2% Y/Y driven by core search, display, and mobile. We reiterate our Overweight rating on Google shares coming out of 3Q earnings and we're raising our price target to $705." At the time of posting, shares of GOOG were trading pre-market at $604.35, up 8.11% from Thursday's close.