BofA/Merrill Lynch Upgrades Google (GOOG) (GOOGL) to Buy
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Rating Summary:
41 Buy, 6 Hold, 1 Sell
Rating Trend: Up
Today's Overall Ratings:
Up: 7 | Down: 3 | New: 1
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Intra-day Monday, BofA/Merrill Lynch upgraded Google (NASDAQ: GOOG) (NASDAQ: GOOGL) from Neutral to Buy with a price target of $650.00 (from $580.00).
Analyst Justin Post cited: 1) early signs of renewed product momentum, 2) accelerating gross profit growth in 4Q and opportunity for 2H'15 upside with app search ads, 3) street earnings estimate reset to $33 (from $36) in '16 which is now in-line with our ests., and 4) attractive multiple vs S&P (8% premium vs 22% avg.)
Post said in discussions with investors they sense more interest in the stock and think conditions are right for improved performance.
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 $558.40 yesterday.
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