Needham & Company Reiterates a 'Buy' on Google (GOOG); 3Q11 Preview – Expecting Upside as Query and CPC Growth

Needham & Company reiterates a 'Buy' on Google (NASDAQ: GOOG) price target of $725.00.

Needham analyst says, "Despite the challenging economy, we believe Google could report 3Q11 results ahead of expectations given solid search query and CPC growth, as well as continued strong growth in display advertising. We also believe Google gained market share in its emerging multi-billion market opportunities including mobile, local, and social."

"Our above consensus estimates reflect the potential upside from growth in each of Google’s businesses. Our 3Q11 net revenue estimate is $7,276 million, which is above consensus of $7,188 million and our pro foma EPS estimate of $9.15 is also above consensus estimate of $8.75."

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

Shares of Google closed at $514.71 yesterday.

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