UPDATE: Pivotal Research Group Reiterates Hold Rating, Raises PT on Google Following Model Update

In a report published Friday, Pivotal Research Group analyst Brian Wieser reiterated a Hold rating on

, and raised the price target from $820.00 to $870.00. In the report, Pivotal Research Group noted, “We are updating our Google model with a 2014 price target of $870, near current trading levels and slightly above our 2013 price target, $820. Our view on Google remains ‘tepid', with optimism about prospects in display-based media and continued dominance in paid search. However, this view is offset by concerns related to margin erosion and deceleration among the paid search which may reflect heightened competition from Facebook's ad products for small businesses. We continue to rate Google a Hold.” Google closed on Thursday at $879.56.