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Lehman Hikes Target Price for Google to $350

Lehman Brothers raised its target price for Google (GOOG) to $350, as well as estimates. It reiterated an overweight opinion on the stock.

Analyst Douglas Anmuth says he expects the company to post a strong second quarter on continued secular growth in search, global expansion, and further monetization of its platform.

He raised his $1.22 second-quarter earnings per share (pro-forma) estimate to $1.28 on stronger-than-anticipated revenue of $861 million. He now sees second-quarter EBITDA margin of about 66%. He believes Google can't spend money fast enough, hire as quickly, and invest resources as aggressively as it would like.

Anmuth raised his 2005 EPS estimate to $5.53 from $5.47, and 2006 forecast to $7.53 from $7.37. He hiked his $275 target price to $350 based on his view of Google's fundamental long-term earnings power.

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