Equities researchers at Credit Suisse lifted their target price on shares of Google (NASDAQ: GOOG) from $847.00 to $982.00 in a report issued on Wednesday, TheFlyOnTheWall.com reports. The firm currently has an “outperform” rating on the stock.
The analysts wrote, “We gauge the impact from Enhanced Campaigns, as it consolidates PC and tablet traffic and introduces the capability to modify bids according to location as well as time of day. With the planned rollout set for late June 2013, advertisers have a simple choice to make – optimize websites and landing pages for an ever-increasing amount of incoming tablet and smartphone traffic, or forgo optimization. We submit that whichever choice advertisers make in the near-to-medium term, the likely result is that search advertising budgets could rise in the aggregate by about 100bps for 2013 and 300bps for 2014.”
Shares of Google (NASDAQ: GOOG) traded down 1.17% during mid-day trading on Wednesday, hitting $802.93. Google has a one year low of $556.52 and a one year high of $844.00. The stock’s 50-day moving average is currently $804.6. The company has a market cap of $264.7 billion and a P/E ratio of 25.22.
Google (NASDAQ: GOOG) last posted its quarterly earnings results on Tuesday, January 22nd. The company reported $10.65 earnings per share for the quarter, beating the analysts’ consensus estimate of $10.56 by $0.09. The company had revenue of $12.16 billion for the quarter, compared to the consensus estimate of $12.36 billion. During the same quarter last year, the company posted $9.50 earnings per share. The company’s revenue for the quarter was up 49.6% on a year-over-year basis. Analysts expect that Google will post $45.55 EPS for the current fiscal year.
GOOG has been the subject of a number of other recent research reports. Analysts at Jefferies Group reiterated a “buy” rating on shares of Google in a research note to investors on Thursday, March 21st. They now have a $1,000.00 price target on the stock. Separately, analysts at JMP Securities initiated coverage on shares of Google in a research note to investors on Tuesday, March 19th. They set an “outperform” rating on the stock. Finally, analysts at RBC Capital raised their price target on shares of Google from $840.00 to $950.00 in a research note to investors on Monday, March 11th. They now have an “outperform” rating on the stock.
One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating and twenty-nine have issued a buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $854.06.
Google Inc. (NASDAQ: GOOG) is a global technology company focused on improving the ways people connect with information.