Google (GOOG) Dominance to Continue; Stock on Way to $840/Share

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Pivotal Research today reiterated a Buy rating on Google (NASDAQ: GOOG) and raised its price target to $840.00 (from $800.00). The price target increase comes as Pivotal analysts increase Google's projected internet advertising revenue forecast to $89 billion by 2017. Analyst also expects growth in non-advertising activates.

"Google's dominance of both the ad-tech sector and paid search seems unlikely to abate. We think that many within the investment community has yet to appreciate the depth of the company's dominance outside of search, but over time this will become increasingly evident," said analyst Brian Wieser

Excluding China, Wieser thinks Google will own 60 percent of Internet advertising by 2017 and 14 of all advertising globally. These figures compare with current levels equivalent to 50 percent of global Internet advertising ex-China and 9 percent globally.

For an analyst ratings summary and ratings history on Google (NASDAQ: GOOG) click here. For more ratings news on Google click here.

Shares of Google closed at $737.97 yesterday, with a 52 week range of $556.52-$774.38.

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