Google has been added to Piper Jaffray's Alpha List with a price target of $785, with two potential catalysts:

1. September Quarter Expectations. Firm does not think that the September quarter will be as bad investors think (shares are down 18% in the last three weeks). While they are slightly reducing numbers, PJ believes that concerns over slowing organic UK growth are overblown.

2. Increased Search Ad Market Share. Google has stated it expects the Yahoo! search deal to begin in October. We estimate the Yahoo! deal should add 12% to Google U.S. search ad market share, which PJ believes would bring Google to over 80% U.S. search ad market share.

Notable Calls looks at the Historic Q4 Stock Strength.

Firm notes that over the last three years, Google has returned an average of 30% from September 9 to December 31 (a range of 22% to 45%). If the stock were to perform in line with this historical trend, it would mean a share price of around $550 by year end.