Wells Fargo Updates Estimates on Google (GOOG); Cutting Valuation Range
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Price: $900.62 +1.62%
Rating Summary:
40 Buy, 14 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 12 | New: 30
Rating Summary:
40 Buy, 14 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 12 | New: 30
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Wells Fargo maintains a 'Market Perform' on Google (NASDAQ: GOOG) price target of $580-$610 (from $620-$640)
Analyst, Jason Maynard, said, "For Q2 we now project net revenue of $9.25B given a month of MMI (vs. prior estimate of $8.37B, which did not include any MMI revenue), with EPS of $9.45 (vs. prior $9.66). For the full year, we now project net revenue of $40B with EPS of $41.00, vs. our prior estimate of $35.3B and EPS of $42.15. As Google competes more with Apple (Nasdaq: AAPL) and Amazon (Nasdaq: AMZN) we see an uncertain business model transition ahead. We are trimming our valuation range to reflect our revised estimates, and a slightly lower multiple."
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 $576.52 yesterday, with a 52 week range of $480.60-$670.25.
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Analyst, Jason Maynard, said, "For Q2 we now project net revenue of $9.25B given a month of MMI (vs. prior estimate of $8.37B, which did not include any MMI revenue), with EPS of $9.45 (vs. prior $9.66). For the full year, we now project net revenue of $40B with EPS of $41.00, vs. our prior estimate of $35.3B and EPS of $42.15. As Google competes more with Apple (Nasdaq: AAPL) and Amazon (Nasdaq: AMZN) we see an uncertain business model transition ahead. We are trimming our valuation range to reflect our revised estimates, and a slightly lower multiple."
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 $576.52 yesterday, with a 52 week range of $480.60-$670.25.
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