Google (GOOG) Target Lifted to $1350 at Needham & Company

January 31, 2014 7:52 AM EST Send to a Friend
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Price: $539.24 -0.34%

Rating Summary:
    44 Buy, 14 Hold, 1 Sell

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    Up: 8 | Down: 12 | New: 23
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Needham & Company analyst Kerry Rice reiterated a Buy rating on Google (NASDAQ: GOOG) and raised his price target from $1,150 to $1,350 on strong Google standalone results.

"Google reported a solid quarter that was highlighted by strength in the Google standalone business, partially offset by weaker than expected performance from Motorola," Rice said. "Paid Click volume accelerated, driven by acceleration in ROW, while CPCs continued their decline. Google's 'Other' businesses had a solid quarter, with Chromecast and Nexus 5 highlighted as key drivers."

The firm raised FY 2014 EPS from $15.32 to $16.90 and FY 2015 was set at $67.30.

The company also announced that its proposed share split has finally been approved by the board, Rice notes. The split will create a new class of "C'' stock that carries no voting power. One share of C stock will be distributed for each share of voting Class A stock owned as of March 27. Class C shares will get the company's existing "GOOG" ticker symbol and Class A shares will change to "GOOGL."

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 $1135.39 yesterday.


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