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Robert Peck, an analyst at Bear Stearns, today raised his price target on Google (GOOG) to $600 from $525. He also raised his revenue and profit forecasts for the fourth quarter.

For the quarter, he now sees revenue of $2.19 billion and profits of $2.43 a share; that’s up from $2.13 billion and $2.38 a share. He now sees full year 2006 profits of $9.07 a share, up from $9.01; for 2007, he sees revenue of $10.39 billion and profits of $12.39 a share, up from $10.31 billion and $12.31 a share.

Peck said the higher estimates reflect strong data from search market tracker ComScore as well as favorable comments from industry contacts.

Peck also contends that a $600 price tag for Google really isn’t that high. “Comparisons to 1999 Internet valuations indicate Google is nowhere near a bubble,” he writes.

Google shares today have gained $3.19, to $483.99.

Source: Google's 'Nowhere Near a Bubble' - Bear Stearns