(GOOG - Get Report)
shares rose after
added the tech giant to their "conviction buy" list, and boosted its price target to $1050.
The California-based Google is already an Internet powerhouse, and it is only gaining ground, the research firm noted. Google is benefiting from new initiates as well as its core services. In the research note, analyst Ken Sena said, "Google is gaining traction across new products and services as its core platform, including Search, seems to just get stronger."
Sena argued Google has seen positive results through its non-core initiatives.
, a project to build a broadband network using fiber-optic technology, has proven the company's ability to penetrate new industries. "While Google Fiber is just one small non-core initiative, it does demonstrate the company's ability to drive disruption into established industries while leveraging existing investments in infrastructure," Sena wrote in the report.
Shares of Google were higher in Friday trading, up .52% to $881.60.
Written by David Webster in New York