Citing a variety of catalysts, and a "price performance catch-up ahead," Canaccord Genuity raised their price target on Google (NASDAQ:GOOG) from $750 to $800.
Canaccord says, "Q4 for Google showed the kind of accelerating growth that we expect to continue as ad dollars shift online, Google continues to gain share in search, mobile drives significant growth in usage, and display becomes more meaningful. While the management reshuffling adds a minor degree of uncertainty, we believe GOOG has significant price performance catch-up ahead.
"We are raising our F2011 estimates from $26.2B in net revenues and $34.11 in EPS to $27.0B and $34.73 on strength across the business, pushing our 12-month target up to $800..."
Canaccord Genuity reiterates a "Buy" rating on Google (GOOG), which was trading at $627.44, up $0.67, or 0.11 percent, as of 1:21 PM EST.
Friday, January 21, 2011
Google (NASDAQ:GOOG) PT Raised to $800 by Canaccord
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