UPDATE: Piper Jaffray Raises PT to $834 on Google Ahead of Q3 Earnings

Piper Jaffray reiterated its Overweight rating on Google

and increased its price target from $717 to $834. Piper Jaffray noted, "Based on the past three Q3 reports, Google has shown an average of 7.9% q/q growth in its core business with a range of 7.6-8.6% q/q growth. We believe the Street is currently looking for around 6% q/q growth in Google's core business. We believe that Google is likely to post sequential growth in its core business greater than the current 6% Street expectation based on an improved ad environment as witnessed in our daily display checks as well as positive third party data indications on search." Google closed at $744.75 on Friday.