Deutsche Bank Maintains a 'Buy' on Google (GOOG); Reducing Estimates for FX Headwinds in Europe

June 6, 2012 2:02 PM EDT
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Deutsche Bank maintains a 'Buy' on Google (NASDAQ: GOOG) price target lowered from $675 to $662.

Analyst, Lloyd Walmsley, said, "Google's shift away from free product listings to show listings only from paying ad customers in the new Google Shopping continues the co's effort to more aggressively monetize and drive more commercial queries into paid clicks. The move squeezes more economics out of the Internet ecosystem in favor of Google. We see this shift improving the user experience, too, as more accurate results drive higher CTRs and reinforce Google's network effects. The short term impact could be more supply of clicks, reducing CPCs, but long term drives advertiser ROI, and ad dollars should follow."

"For 2012, we estimate 19% y/y net revenue growth (vs. 21% previously). Our 2012 EPS estimate now stands at $41.61, down from $42.20. For 2013, we estimate $47.28 in EPS, up from $47.82 previously, on 18% net revenue growth.

For an analyst ratings summary and ratings history on Google click here. For more ratings news on Google click here.

Shares of Google closed at $570.41 yesterday.

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