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Google shares soar as analysts chime in on earnings

The company had a strong earnings report yesterday, prompting analysts to up their 12-month target price on Google's shares.

Google's shares are on the rise following a strong earnings report yesterday.

In early trading, Google's shares jumped more than 5 percent to $740.37. The company's stock price closed the day at $702.87 yesterday.

Google's share jump is due in part to Google's strong fourth quarter. The company beat analyst expectations during the period and posted a $2.9 billion profit on $14.4 billion in revenue. That performance helped Google post its first $50 billion revenue year.

It didn't take long for a slew of analysts to chime in on Google's performance and up the company's 12-month target price.

A wide array of analysts, including those from J.P. Morgan, Morgan Stanley, and others, increased their price target, saying that they believe Google will have an even stronger 2013. Cowen analyst John Blackledge maintained his "Outperform" rating on Google, saying that he believes Google's revenue will rise 18 percent year-over-year in 2013.

He's certainly not alone in thinking it's time to be bullish on Google's stock. According to Marketwatch, 43 analysts have combined for an average 12-month target price on Google's shares of $804.54.