NEW YORK (TheStreet) -- Research firms all over Wall Street have been raising their price targets this morning on Google (GOOG) - Get Report (GOOGL) - Get Report following the tech giant's quarterly report last night.

THESIS CHANGING: JPMorgan analyst Doug Anmuth set a December 2016 price target of $800 for Google shares, contending its quarterly results will be "thesis-changing" for many investors as Google's expense discipline drove margin stabilization. In addition, mobile and YouTube have the potential to drive stronger revenue growth in 2016, the analyst believes. Anmuth listed Google as one of his top three ideas, along with Facebook (FB) - Get Report and LinkedIn (LNKD) .

STREET HIGH TARGET: Axiom analyst Victor Anthony upgraded Google to Buy from Hold with an $850 year-end 2016 price target, which is now the high among major research firms. Anthony, whose prior price target was $615, told investors "now is the right time" to buy the stock, as its quarterly results show Google's revenue growth accelerated, expense growth decelerated, mobile and Desktop cost-per-clicks are growing, and YouTube is experiencing solid growth.

PORAT: A number of analysts highlighted the impact that Ruth Porat, who recently joined the search giant as CFO after previously holding the same title at Morgan Stanley (MS) - Get Report, appeared to have had on Google's expense management. Jefferies, which raised its price target for Google shares to $800, said the Q2 report yielded two "meaningful" positives, namely significant revenue growth at YouTube and Porat's plans for more disciplined spending. Porat said in last night's earnings release from the company that Google is focused every day on developing "big new opportunities across a wide range of businesses," but will do so with "great care regarding resource allocation."

PRICE ACTION: In pre-market trading Google Class A shares rose about 13.5% to $682.70.

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