Why Google (GOOGL) Stock Is Surging Today

NEW YORK (TheStreet) -- Shares of Google Inc. (GOOG) are up 3.98% to $603.94 in pre-market trading on Friday after several analysts upgraded their rating or price target on the Internet giant as second quarter revenue rose 22% to nearly $16 billion, from a year ago.

JPMoragan (JPM) raised its price target to $670 from $645 and reiterated its "overweight" rating.

Deutsche Bank (DB) raised its price target to $645 from $625 and reiterated its "buy" rating.

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BMO Capital Markets  (BMO) raised its price target to $600 from $525, and slightly boosted 2014 earnings per share to $26.00 from $25.15.  BMO also boosted 2015 earnings per share to $31.00 from $30.03.

Canaccord Genuity  (CCORF) boosted its price target to $715 from $700 and reiterated its "buy" rating.

Cantor Fitzgerald raised its price target to $650 from $630 and reiterated its "buy" rating.

Separately, TheStreet Ratings team rates GOOGLE INC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:

"We rate GOOGLE INC (GOOGL) a HOLD. The primary factors that have impacted our rating are mixed, some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures and reasonable valuation levels. However, as a counter to these strengths, we also find weaknesses including a generally disappointing performance in the stock itself, disappointing return on equity and feeble growth in the company's earnings per share.

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