Benchmark Capital Starts Google (GOOG) At Buy
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Benchmark Capital initiates coverage on Google (Nasdaq: GOOG) with a Buy rating and $430 price target. The firm said, while the recession has reduced industry growth to roughly zero and hindered Google's expansion, the company is well-positioned and its recent operating performance indicates sustained strength relative to peers.
Benchmark highlighted the following positives for Google:
- Expect Google to beat the first quarter consensus estimate ($4.92 EPS) modestly when it reports on Thursday. They expect $5.10, up 5% year-over-year.
- Expect continued strong search volume growth. US and worldwide volume grew about 48% and 37%, respectively, in the first quarter.
- Expect Google to improve expense discipline.
- Expect Google to gain share and grow through the recession.
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