Shares are up today after GOOG posts Q4 EPS of $0.92 vs. $0.43, excluding stock compensation expense; our forecast was $0.83. GAAP EPS was $0.71 vs. $0.10. Revenues rose 101%, reflecting gains in both Google-branded and affiliate sales in the U.S. and internationally. We are raising our '05 estimates for revenues to $5.7B from $5.3B, and EPS to $4.17 from $3.70, reflecting our favorable outlook for GOOG's traffic, pricing, and operating margins. Based on revised discounted cash flow analysis, we are increasing our 12-month target price to $260 from $230.