Canaccord Genuity Lifts Google (GOOG) PT to $850; Momentum Stock, Apple the Only Negative
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Price: $343.54 --0%
Rating Summary:
44 Buy, 6 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 7 | Down: 12 | New: 19
Rating Summary:
44 Buy, 6 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 7 | Down: 12 | New: 19
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Canaccord Genuity lifted its price target on Buy-rated Google (NASDAQ: GOOG) from $700 to $850, saying momentum should continue.
"We believe Google stock can continue its recent momentum on the basis of 1) better CPC trends creating an upward bias to revenue estimates in future periods, 2) continued dissipation of MMI-related apprehension and 3) multiple expansion," analyst Michael Graham said.
The firm's CPC tracker indicates that overall CPCs expanded slightly sequentially in both July and August, driven by higher desktop CPC, moderating shift to mobile, and flat mobile CPCs.
On MMI, the firm said it is becoming more of a "non-issue" as investors are gaining
comfort that it is likely EPS-neutral at worst, and potentially accretive after sizeable recent expense reductions.
The most most significant remaining near-term negative is Apple's continued attempts to come between iOS users and Google's search engine, the firm notes. "This impacts long-term potential but not near-term estimates, and we argue that GOOG gets little credit for its mobile opportunity anyway."
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 $749.16 yesterday.
"We believe Google stock can continue its recent momentum on the basis of 1) better CPC trends creating an upward bias to revenue estimates in future periods, 2) continued dissipation of MMI-related apprehension and 3) multiple expansion," analyst Michael Graham said.
The firm's CPC tracker indicates that overall CPCs expanded slightly sequentially in both July and August, driven by higher desktop CPC, moderating shift to mobile, and flat mobile CPCs.
On MMI, the firm said it is becoming more of a "non-issue" as investors are gaining
comfort that it is likely EPS-neutral at worst, and potentially accretive after sizeable recent expense reductions.
The most most significant remaining near-term negative is Apple's continued attempts to come between iOS users and Google's search engine, the firm notes. "This impacts long-term potential but not near-term estimates, and we argue that GOOG gets little credit for its mobile opportunity anyway."
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 $749.16 yesterday.
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