Piper Jaffray analyst Safa Rashtchy raised at least a few eyebrows this week when he initiated coverage on Google with a $250 price target. Just days later, Rashtchy has upped the price target to $275, based on the company’s blow-out earnings report Thursday. Says Rashtchy in a new investors note that went out this morning: “What drove such a performance was the same principle that has been propelling Google: it has a better product for consumers, for advertisers, and for websites. There is no other way to explain this type of growth rate. What is impressive for us is that Google is already planning the growth for 2007, with an array of new products its engineers are working on.”

As we write this, GOOG is trading at $217, having opened at $221, a new high.