Citi Reiterates 'Buy & Top Pick' on Google (GOOG), Lowers Price Target to $610
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Citi reiterates 'Buy & Top Pick' on Google (Nasdaq: GOOG), but lowers price target from $630 to $610.
Citi analyst says, "Q2 results and the weakening macro environment (which is negatively impacting GOOG) don’t provide reasons to Buy. But despite the macro, despite continued sizable investments, and despite fewer opportunities for excess market share gains, GOOG’s organic bottom-line growth will be close to 30% in ’08. Which then sets up ’09 fundamentals to begin to benefit from: 1) a potentially improved macro environment, 2) potential opex leverage from “normalized” personnel/capex spend, and 3) material new Product Cycles – Display Advertising, Video (YouTube), and Mobile Search."
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