Google (GOOG) Shares Approach $500 as Citi Boosts Q3 Estimates

Citi raised it's Q3 estimates on Google (Nasdaq: GOOG) earlier, saying that the current quarter is showing strength versus the first half of this year. The firm's model assumes that the modest quarter-over-quarter cost per click increase seen in Q2 will continue moving forward.

Citi's Q3 sales growth guidance moves from 3% on a sequential basis to 5%, which implies quarterly revenue of $4.25 billion. The firm's adj-EPS estimate moves from $5.26 to $5.35. The Street is currently looking for Q3 EPS of $5.34 on sales of $4.20 billion.

The firm maintains its Buy rating and $580 price target.

The stock is up more than 1.3% to $498.20 today, dangerously close to the psychological $500 level.

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