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."
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Shares of Google closed at $536.92 yesterday.