steady climb looked poised to continue Tuesday after a brokerage set a $310 price target on the search engine's shares.
In premarket trading, the stock was up $1.85, or 0.7%, to $257.30. Google has touched all-time highs in each of the last seven sessions, topping out Monday at $258.10.
The price target set Tuesday by sell-side outfit JMP Securities would represent 20% of upside from current levels. The brokerage believes the optimism is supported by strength in the paid-search market, where Google sells advertising linked to keyword searches on its flagship Web site.
JMP initiated the shares at strong buy and predicted Google will increase revenue and various cash flow metrics by as much as 35% over the next three to five years.
Google shot up almost 6% Monday on speculation that it is about to be added to the
, a move that forces the managers of index funds to add the stock to their portfolios. The shares currently sit nearly three times above their $85 initial public offering price set last August.
JMP also started
at strong buy and set a $46 price target. The shares closed Monday at $36.80.