CNBC Mad Money program host Jim Cramer has placed the highest price target on Wall Street for Google with a value of $600 per share, or 20 percent higher than stock’s current price.

Cramer said Google’s earnings per share (EPS) will be $30 per share and the company’s price-to-earnings (P/E) ratio around 20.

Cramer said the company is both a cyclical and secular gainer and it has a “fabulous balance sheet.”

Cramer, based on this reasoning, said Google is currently “inexpensive.”

Cramer points out Google is enjoying the effects of the broader economic recovery and still dominates in Internet search globally.

Other analysts are enthusiastic about Google, but not to the same extent as Cramer.

Brokerage firm Canaccord Adams this week raised its share price target on Google, predicting the fourth quarter could have much more upside than Wall Street has predicted.

The brokers have a "buy" rating on the Internet search firm's stock, and this week raised the price target by $80 to $560.

Canaccord said its recent research indicates that advertising budgets were making a comeback, particularly in e-commerce. This economic recovery, coupled with strong traffic growth, is promising for the sector.

"We would therefore recommend that investors add to their positions ahead of the fourth quarter, given that the widely anticipated pullback in the broader market has not materialized," analyst Jeff Rath wrote in a research note to clients.

Google continues to maintain its leadership in Internet search, but it is also “monetizing” YouTube search more than earlier, analyst Rath said.

Google executives recently added a new option that allows marketers to buy search ads on the YouTube interface.