UPDATE: Global Equities Research Raises Target on Google to $765

Global Equities Research increases its target price on Overweight-rated Google

from $700 to $765 on revenue catalysts in the second half of 2012. Global Equities Research says, "Google Click-thru-Rates (

) and Cost per Click (

) has started to show improvement. In November of 2011, Google rolled out a new Ad Placement at the bottom of the Search Results page. Initially, CTR on the new Ad Placement at the Bottom of the Search results were very week, but has steadily improved in the CY1Q'2012 in some geographies. Our research indicates that CTR on the Ads on the Bottom of the Search Results page is stronger Internationally vs. Domestic. Our research also indicates that young users, who are under 25 years of age are more likely to click on the Ads at the Bottom of the Search Results page that the users who are over 40 years of age." GOOG closed at $648.41 a share on Monday.