Google (GOOG) (GOOGL) PT Raised to $740 at Needham & Company; Capturing Advertisers' Wallet Share
Needham & Company analyst Kerry Rice reiterated a Buy rating and boosted his price target on Google (NASDAQ: GOOG) (NASDAQ: GOOGL) to $740.00 (from $675.00)
Rice commented, "We believe Google continues to capture advertisers' wallet share with unified ad campaigns that optimize spending across channels and products, and new measurement tools that ensure better understanding of their online to offline conversions. This increased spending is exhibited in solid growth in Google's core Websites business, particularly mobile search and YouTube. YouTube's growth continued to propel Paid Clicks for Websites above expectations, indicating consumer traffic remained high. While we expect FX headwinds to persist, we expect incremental growth in mobile monetization and YouTube to serve as Google's engine of growth over the next several years. Expense management appears a key focus, but we believe a return of capital is relatively low."
The firm raised FY 2015 EPS from $28.18 to $28.14 and FY 2016 EPS from $32.57 to $32.61.
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Shares of Google closed at $579.85 yesterday.