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Rediscovering Google (NASDAQ:GOOG)

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The hot young names are in the doghouse, but an old reliable is back in Wall Street's favor.

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Google stock has risen more than 30% in three months, about three times as fast as the Nasdaq (INDEXNASDAQ:.IXIC) as a whole, and a number of other reasons are cited.

The immediate catalyst for Monday's move upwards was a note to clients from Citi analyst Mark Mahaney, boosting his price target to $850 from $740. He cited signs of growth in search advertising revenue, and a particularly promising rise in mobile pay-per-click revenue.

Deutsche Bank currently has a target of $890 for Google. Capstone's target is $830.

In its next earnings report, due in mid-October, Google is expected to report its fastest sales growth in five years. Analysts predict sales growth of 59%, with earnings of $10.57 per share on sales of $11.95 billion.

There's another immediate reason for Google to be in the spotlight: Buyers of the Apple (NASDAQ:AAPL) iPhone 5 have actually found something to complain about, and it's the absence of the Google Maps app in the latest version of the iPhone. Apple Maps is just plain inferior, which is what you would expect of a product created mostly out of a desire to spite a competitor. Unconfirmed reports say that Google has submitted a new version of Google Maps to Apple for approval, and if accepted it might be available for the iPhone 5 in two weeks or less.
No positions in stocks mentioned.
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