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Google (GOOG) PT, Estimates Lifted at Jefferies Ahead of Q1 Print

April 15, 2014 6:55 AM EDT
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Price: $148.48 +4.44%

Rating Summary:
    41 Buy, 6 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 20 | Down: 14 | New: 22
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Jefferies US Internet Team reiterated a Buy rating on Google (NASDAQ: GOOG) and boosted its price target from $650 to $700 ahead of Q1 results on Wednesday as they remove Motorola's operating losses from the model. The firm is also modeling the Class C dividend, which is functionally similar to a two-for-one stock split.

"For the qtr., traffic trends look solid and our proprietary Product Listing Ad (PLA) checks suggest marketers are continuing to invest heavily in PLAs," the analyst team said.

It was added, "According to Kenshoo, 29% of marketers are allocating new, incremental budgets to support their PLA campaigns, and 83% of marketers find PLA performance to be on-par or better than traditional search ads. Given this kind of return on investment for advertisers, we believe Google likely benefited as retailers pointed people to their online stores. Interesting US movers include Rakuten (from #20 to #2), Sephora (#4,955 to #18), Marin (#29 to #19), Walmart (#10 to #7), and Aliexpress (Alibaba, #585 to #105)."

Q1 EPS raised from $6.19 to $6.67, FY 2014 EPS raised from $27.35 to $28.94 and FY 2015 EPS raised from $30.84 to $33.97.

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 $532.52 yesterday.



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