Google (GOOG) Buy Rating Reiterated at Deutsche Bank

Deutsche Bank maintained a Buy rating on Google (NASDAQ: GOOG) with a price target of $645. Analyst Ross Sandler thinks it is well positioned ahead of Q3 results, and he expects an in-line print.

"Our overall view is that Google is as well-positioned as any for the on-going platform shift to mobile, with many new revenue lines vs. the PC era, and at 19x 2015 EPS vs. its 20% CAGR and other mega-cap techs, GOOG sits in a sweet spot. In the face of significant volatility, GOOG moves to the top of our list into year end. We expect 3Q results to largely be “in-line” with consensus, with Intl above and Domestic revenue a tad below. Shares have traded side-ways since the big move upward from the May lows and into I/O and 2Q14 results, which we view as a re-calibration of portfolios around recent IPOs and faster growing names vs. company specific, and overall market jitters," said Sandler.

"Additionally, unlike most consumer internet companies that will provide FX-impacted guidance for 4Q, Google’s backward looking results and call are likely to be largely upbeat. We continue to view Google as a must-own name in any Internet book, but in contrast to last year this time, don’t expect a dramatic move on 3Q results," 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 $537.94 yesterday.

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