UPDATE: Citigroup Lowers PT on Google to $740
Citigroup reiterates a Buy rating on (NASDAQ: GOOG) and decreases its price target from $750 to $740.
Citigroup remarks, “Reiterating Buy With Modestly Lowered $740 PT — We have modestly (1%- 3%) lowered our core GOOG ests below Street to reflect Macro uncertainty & FX weakness, layering in the impact of MMI, which we are treating as EPS Neutral. We are left with the leading ‘Net Advertising Platform trading at a trough 11X P/E (“Dead Tech”) multiple. Given our 15%ish EPS CAGR outlook (with MMI) & our Bullish view on GOOG's Mobile & Video (YouTube) opportunities, we find GOOG highly attractive.”
Google closed at $565.21 on Thursday.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.