Canaccord Lifts Rating On Google (GOOG) To Buy, Saying Things Have Started To Improve

Earlier, we noted that Canaccord Adams upgraded shares of Internet giant Google (Nasdaq: GOOG) from Hold to Buy. The upgrade has helped lift the stock today, which is currently up 3%. Below are the details of the upgrade:

Canaccord Adams upgraded Google from Hold to Buy and their price target raised from $300 to $450, citing recent industry checks.

The firm said, "We believe that estimates for search and CPC growth expectations in 2009 have been lowered to sufficient levels that it is appropriate to become more constructive on the space. Additionally, we think that the market has already priced in expectations for a weak Q1/09 and believe that deteriorating conditions in search trends have started to improve in late March based on our checks."

Canaccord notes that their $450 price target implies a 17x forward PE multiple (excluding cash) to their 2010 EPS estimate.

For more analyst ratings on GOOG click here.

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