Deutsche Bank Starts Google (GOOG) at Buy, $635 PT

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Deutsche Bank initiates coverage on Google (Nasdaq: GOOG) with a Buy rating and $635 price target.

The firm said, "Google has built the quintessential black box in matching text-based advertising with the interests of consumers via search. This brand permission and dominant position also is allowing the company to re-invest into new applications and web services, which in turn create increased consumer usage and monetization opportunities. While re-investment will continue, we think profit dollar growth (not % margins) should remain robust for the foreseeable future. We see near-term catalysts and attractive valuation on our estimates."

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