UPDATE: Oppenheimer Raises PT to $800 on Google on Earnings Expectations

Oppenheimer reiterated its Outperform rating on Google

and increased its price target from $752 to $800. Oppenheimer said, "We expect GOOG to report 3Q results slightly above consensus, after the close on Thursday. Our estimates call for US core revenues to slow 200 bps vs. 2Q on a slightly harder comp, with Int'l revenues slowing 400 bps. Our net revenue estimate is 4% above the Street. While we have been critical of third-party data in the past, a larger sample size is supportive of strong results. CPC pricing appears to be improving, with total spending accelerating. Mobile probably had a -200 bps y/y impact compared to 2Q." Google closed at $744.75 on Friday.