October 31, 2007, 3:44 pm Google: Dinosaur Securities Ups Rating; Sets $985 Target Posted by Eric Savitz Did I just type the words â$985 target?â Well, I believe I did. Dinosaur Securities analyst David Garrity this morning apparently decided to get ahead of the pack: he raised his rating on Google (GOOG) this morning to Buy from Hold and upped his price target to, yes, $985, from $500. (Let me just add, from a PR point of view, I think he would get more bang for his call if he had said $1000. But whatever.) Garrity makes two key points in his report. One, he notes that the companyâs âsearch, ads and appsâ mantra suggests investors have been overly concerned - to the extent that when it comes to Google they are overly concerned about anything - that the company might become more asset intensive, and build out a wireless network or other infrastructure, with negative implications for returns on invested capital. But he says that one of the messages of the search, ads and apps plan in the context of mobile computing is âno physical infrastructure.â His other key point is that âmanagement continues to position the company to address increasingly larger end markets.â In particular, he focuses on the allure of the mobile ad market. âTo the extent that advertising media distribution channels are being transformed by emerging technologies with the possibility that mobile advertising may ultimately become more significant than the current broadcast channel in spending terms,â he writes, âGOOG in effectively penetrating the walled garden that wireless communications services have been until now is securing a strategic technology provider role that will allow it to meaningfully shape the progression of development in the space.â Google today is up $8.08, or 1.2%, to $702.85.