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Street estimates for Google (NASDAQ:GOOG) are inching higher ahead of the company’s announcement after the close Thursday of Q2 financial results. The Street consensus is for revenue of $4.05 billion and EPS of $5.06.

  • Jefferies & Co. analyst Youssef Squali writes Monday that “resilience in paid clicks, some signs of stability in [cost per click] trends and continued focus on margin protection should help Google deliver in-line or slightly better Q2 results.” He lifted his 2009 EPS estimate to $21.12, from $20.62, and raised his price target to $465, from $442. Squali maintains his Buy rating on the stock.
  • Kaufman Bros. analyst Aaron Kessler likewise writes Monday that he expects “slight upside to Street revenues” and about 2% upside to Street EPS estimates for the quarter. Kessler writes that he would be a buyer of the stock here, based on an attractive risk/reward, improving online ad environment in the second half, solid international growth and greater contribution from display and YouTube in 2010. For Q2, he lifts his estimate to $4.06 billion and $5.18 a share, from $3.958 billion and $4.99. For 2009, his EPS estimate goes to $21.84, from $21.05. For 2010, he now sees $25.98, up from $24.92. His price target rises to $520, from $500.
  • Stifel Nicolaus analyst George Askew, who also has a Buy on the stock, also raised his Q2 numbers, and now sees Q2 revenue ex-TAC of $4.141 billion, with EPS of $5.16. He now sees paid clicks up 16%, rather than the 14% he previously estimated. Askew maintains a $475 target price.
  • Merriman Curhan Ford analyst Richard Fetyko writes Monday morning that the Q2 results should meet-or-beat estimates, driven by modest growth search traffic, no change in click-through rates and modest improvement in cost per click rates. Fetyko maintains his Buy rating on the shares.

GOOG Monday is up $4.02, or 1%, to $418.42.

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