Needham & Company Maintains Bullish Stance on Google (GOOG) Post Q1
Needham & Company analyst Kerry Rice reiterated a Buy rating and $675 price target on Google (NASDAQ: GOOG) following Q1 which was modestly below expectations but solid website growth was a stand out.
Rice commented, "Our view on Google remains positive given the solid growth in the Websites business and multiple drivers that we expect to keep revenue growth near 20%. These drivers include: 1) the push to bring brand advertising dollars to search and display, which we expect to become an important revenue driver over the next 18-24 months, and we note that an earlier ramp could drive upside. 2) The Android ecosystem puts Google as a preeminent mobile player. 3)We expect a modest but gradual improvement in CPCs. 4) Network revenue growth, while sluggish, should have a stronger 2H14."
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Shares of Google closed at $556.54 yesterday.