UPDATE: Morgan Stanley Resumes Equal-Weight on Google on Concerns of Mobile Monetization and Competition
Morgan Stanley resumes its coverage on Google (NASDAQ: GOOG) with an Equal-weight rating and a price target of $625.
Morgan Stanley notes, "We resume coverage at Equal-weight with a $625 price target. Despite attractive valuation, we remain concerned that profit contributions from mobile ads may continue below desktop levels due to TAC payments and lower pricing, and that competition from social destinations may intensify."
GOOG closed at $560.70 on Monday.
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