Google Inc. was upgraded to buy from neutral and added to Goldman Sachs’ Conviction List of top stock picks on Wednesday. Analyst Heather Bellini raised her price target on the stock to $800 from $680, which represents more than 30% upside from its earlier view. The average price target among more than 40 analysts polled by FactSet is $766.48. The catalyst for the upgrade was improved monetization in mobile search and YouTube, as well as comments from the company’s Chief Financial Officer Ruth Porat to keep a check on expenses. Bellini said the new financial focus will improve margins and drive the stock “over the next few quarters.” Shares of Google were up 4.5% in premarket trade, putting the stock on track to open around $640.41. Its shares have risen 12% over the last three months, outperforming the broader S&P 500, which is down 11%. Google announced plans to reorganize into a new umbrella company called Alphabet earlier this month.
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