Susquehanna Maintains a Positive Rating on Google (GOOG), Revises Forecast
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Susquehanna maintains a Positive rating on Google Inc. (Nasdaq: GOOG). Price target: $635.
Susquehanna analyst says, "Last week, we met with dozens of European advertising contacts - SEMS, affiliate marketers, digital ad agencies, holding companies, and company contacts - proprietary research we have conducted since early 2005. Historically, this research enabled us to predict Google's revenue within 2%, but this quarter the outlook is clouded by positive and negative crosscurrents. Based on our analyses, the outlook for the U.S. and U.K. (Google's two largest markets) appears soft in 3Q - but, despite recent strength in the dollar, not too far off of prior estimates - whereas continental Europe has not yet experienced economic pressure. Thus, we are reducing our revenue outlook for 3Q and 2008 by 1%, and for 2009 by 2%. Our revised forecasts assume growth rates bottom in 1Q09, and improve gradually through the balance of the year, and we assume solid growth continues outside of the U.S. and the U.K. We believe GOOG shares will react favorably if the company meets our revised estimates when it reports 3Q results"
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