Google (GOOG) Price Target Raised to $670 at UBS

UBS maintained a Buy Google rating on (NASDAQ: GOOG) and raised its price target to $670.00 (from $630.00). Analyst Eric J. Sheridan said a close look at key Google debates reinforces his bullish view.

"While we address 10 key debates in this report, we distill those with the greatest importance to: 1) longevity of search (we argue significant runway remains); 2) mobile positioning (Android + suite of popular apps + Google Play = excellent positioning); 3) regulation (we expect an overhang will likely remain but we believe unbundling is unlikely);" said the analyst.

Sheridan continued, "4) drivers of increased opex/capex (we find deleverage has primarily been driven by mix shift to those lower margin businesses that will drive sustained revenue growth in the future); & 5) potential for cash returns (we advocate that this could be the biggest driver of upside for shares but no announcement is imminent)."

"Among the other debates we address: leverage to display advertising, the impact of distribution deals, the impact of F/X, the nature of long-term investments, and valuation," he added.

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 $571.34 yesterday.

You May Also Be Interested In

• QuantumScape (QS) PT Lowered to $6 at Truist Securities
• AvidBank Holdings Inc. (AVBH) PT Lowered to $23 at Piper Sandler
• Synovus Financial (SNV) PT Lowered to $42 at Piper Sandler