UPDATE: Jefferies Raises PT to $850 on Google

Jefferies increases its price target on Buy-rated Google

from $825 to $850 on report that indicted a very healthy start to 2012. Jefferies comments, "Google put up solid 1Q results, in line with Street expectations and reflecting very healthy demand for online advertising and ecommerce so far in 2012. These results bode well for the group in general, and keep us positive on Google long-term, all the while recognizing that the lack of clarity around MMI is likely to remain an overhang on the stock short-term. We're tweaking our PT to $850 from $825 and maintaining a Buy rating." GOOG closed at $651.01 on Thursday.