Piper Jaffray Expects In-Line 4Q for Google (GOOG)

Piper Jaffray expects Google

to have in-line 4Q results after reviewing third party data points. In a note to clients, "The Street is looking for 22% y/y and 10% q/q revenue growth in Q4. Three separate search keyword buyers are suggesting retail advertisers are set to spend 15-37% more on paid search than last year. Additionally, we continue to believe holiday eCommerce sales will be up 20% y/y, which supports the increased spend. Separately, the weak third party paid click data for the month of October appears to be an out layer. The bottom line is that we believe Google is tracking to report an in-line Q4 and remain buyers leading up to the company's Q4 report." Piper Jaffray maintains its Overweight rating and $652 price target on GOOG. GOOG closed yesterday at $555.71.