Updated from 11:47 a.m. EDT

Shares in


(GOOG) - Get Report

rose 8% Friday as analysts opined that the stock has some room to move upward, though not much.

In two days, the Internet search-engine company's shares gained $23.31, or 27.4%. Shares were slightly lower after hours Friday.

On Friday, shares in the newly public search-engine company finished


trading at $108.31, a gain of $7.98, or 7.95%. On Thursday, the first day of trading after Google went public, shares rose 18% from the offering price of $85, closing at $100.34.

Friday's research, from analysts who had published reports on Google in the run-up to its

initial public offering of stock, revisited the strengths and risks of Google that have already figured prominently in investors' discussion of the stock over the past few months.

Jefferies & Co. analyst Youssef Squali initiated coverage on Google with a buy rating and a fair market value he assessed at $115. That $115 target -- 11.6% higher than where Google was trading Friday morning -- follows earlier reports from Squali in which he estimated Google's fair market value to be first $140 a share, then in the range of $125-$130.

Among other changes to his forecasts for Google over the past month, Squali is now assuming that Google's earnings before interest, taxes, depreciation and amortization will have a compound annual growth rate of 24.5% through 2009, compared to his prior estimate of 30%.

Squali says that the amount of money Google pays other publishers for the privilege of running Google's ads on their Web sites turned out to be greater than he originally estimated. He also revised his price target, he says, to reflect that the company raised less in its IPO than he previously expected.

Mark Mahaney of American Technology Research, meanwhile, initiated coverage on Google with a hold rating and a fair value estimate of $110, or 6.7% above Friday's levels.

Though the stock might trade higher on valuation issues, Mahaney says the high level of risk in the shares -- including what he sees as near-term catalysts that are more likely to be negative than positive -- lead him to recommend waiting for it to drop to $92 before being an aggressive buyer of the stock.

The history of highly volatile Internet stocks "has taught us to be highly price-sensitive when looking at entry points," writes Mahaney. "This was one of the major lessons of the Bubble Era. We do not need to relearn it."

At the time of publication, Mannes had no positions in stocks mentioned other than Google, which he was long for the purpose of reporting on the auction process.


has waived the provision of its Investment Policy with respect to Mannes' ownership of the stock solely for the purpose of writing stories on Google's IPO. Mannes has agreed to sell his shares as soon as possible following his brokerage firm's 30-day "no-flipping" window for initial public offerings. As the situation warrants, he will be reimbursed by


for any losses, or donate any gains to a charity to be named later.