Goldman Sachs Lifts Target on Google (GOOG) to $640, Keeps Neutral Rating

Goldman Sachs bumped its price target on Google (NASDAQ: GOOG) from $600 to $640, but maintained its Neutral rating, following Q1 results.

The firm notes the 12% year-over-year decline in CPCs came in below their forecast and slightly worse than the Street, paid click growth of 39% beat forecast of 30% and consensus of 31%.

Goldman raised non-GAAP EPS estimates for 2012/2013 to $42.90/$51.05 from $42.28/$50.96.

"As we believe Google needs a strong tablet presence, which will require associated subsidies over time, we continue to stay on the sidelines," the analyst said.

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 $651.01 yesterday.

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