Google's (NASDAQ:GOOG) Android Activations Drove 4th Quarter

Activations of Google's (NASDAQ:GOOG) Android were reportedly happening at a rate of 300,000 a day in the fourth quarter of 2010, generating a lot of optimism from Jefferies over the performance of Google then, and going forward.

Jefferies said, "Channel checks with SEO/SEMs and others intra quarter suggest that holiday ad spend was resilient to economic uncertainty, as demand was stimulated by aggressive online promotions early in the season, culminating in Cyber Monday hitting a record $1B+ in sales."

Google's full year 2010 EPS estimate was raised by Jefferies from $28.85 to $29.26.

Google closed Tuesday at $639.63, gaining $15.45, or 2.48 percent. Jefferies raised their price target on Google from $700 to $710.