Needham & Company Reinstates Coverage on Google (GOOG) at Buy; Multiple Billion Growth Opportunities

Needham & Company reinstates coverage on Google (NASDAQ: GOOG) with a Buy. PT $725.

Needham analyst says, "We believe Google is a compelling investment given its multiple billion dollar growth opportunities: Search remains the engine of growth and our 2H11 Search revenue estimates could prove conservative as advertisers shift more of their budgets online and wait to flush their budgets...We conservatively estimate that Google’s Display Advertising is on a $3 billion run rate...As the leading smartphone OS, Android’s market share is nearly 40% and could generate revenue of $4 billion in 2011...Local and Social represent emerging billion revenue opportunities...We are establishing FY12 estimates. We estimate pro forma EPS of $43.25 on revenue of net revenue of $34.9 billion."

For more ratings news on Google click here and for the rating history of Google click here.

Shares of Google closed at $528.94 yesterday.

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