UPDATE: Canaccord Genuity Reiterates Buy Rating, Raises PT on Google

In a report published Wednesday, Canaccord Genuity reiterated its Buy rating on Google GOOG, and raised its price target from $700.00 to $850.00. Canaccord Genuity noted, “We believe Google stock can continue its recent momentum on the basis of 1) better CPC trends creating an upward bias to revenue estimates in future periods, 2) continued dissipation of MMI-related apprehension and 3) multiple expansion. We slightly tweak our EPS-neutral MMI estimates and raise our price target to $850.” Google closed on Tuesday at $749.16.