Google (GOOGL) (GOOG) Target Trimmed at FBR Capital on 'Mixed Bag' in Q3

FBR Capital lowered its price target on Outperform-rated Google (NASDAQ: GOOGL) (NASDAQ: GOOG) to $671.00 (from $674.00) calling Q3 a 'mixed bag'.

Analyst William Bird commented, "Google’s 3Q14 results were a mixed bag. CPC and TAC trends continued down he path to improvement, but we think the market is likely to focus on light net revenues ($23M below the Street), heavy expenses ($88M above the Street on higher onboarding and R&D), and moderating search growth (an implied 15% vs. 18% in 2Q14). Based on the $0.19 adjusted EPS miss, we are reducing our estimates. However, we maintain our Outperform rating as revenues were in line-ish, cost pressure seems temporary, structural factors are moving in the right direction, and
new initiatives appear to be progressing well."

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 $536.92 yesterday.

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