Google (GOOG) (GOOGL) PT Raised to $749 at FBR Capital; Results Support Bullish Thesis
FBR Capital analyst William Bird reiterated an Outperform rating and boosted his price target on Google (NASDAQ: GOOGL) (NASDAQ: GOOG) to $749.00 (from $672.00), saying results were supportive of their thesis, based on improving mobile usage and monetization, the potential for greater opex/capex efficiency, a slower rate of fade in core search, and potential capital returns.
"Google delivered an EPS beat ($6.99 vs. consensus $6.70) with better-than-expected organic growth metrics and good opex performance," Bird commented. "A reacceleration in organic growth and commentary suggesting future cost discipline address key investor concerns and are constructive for multiple expansion."
The firm is raising 2015 EPS estimate to $28.86 (from $28.41) and 2016 to $33.85 (from $33.24).
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Shares of Google closed at $579.85 yesterday.