Needham & Company Maintains a 'Buy' on Google (GOOG); Q1 Looking A Lot Like Q4, But L-T Positives

Needham & Company maintains a 'Buy' on Google (NASDAQ: GOOG) price target of $750.00.

Analyst, Kerry Rice, said, "Our 1Q12 estimates are below expectations given the continued decline in Cost-per-Click (CPC) rates and European weakness. Our 1Q12 net revenue estimate is $8,043 million compared to consensus of $8,134 million, and our pro forma EPS estimate of $9.26 is below consensus of $9.65...Our Search revenue estimate reflects strong query volumes and paid clicks, but we expect declining CPC rates and weak European markets to partially offset this strength...We believe Google’s display advertising should grow in-line with 1Q12 expectations, but continue to outpace the industry and competitors....Android’s momentum continues to roll with an annualized run rate of nearly $4 billion."

For an analyst ratings summary and ratings history on Google click here. For more ratings news on Google click here.

Shares of Google closed at $626.86 yesterday.

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