UPDATE: Wedbush Securities Reiterates Neutral Rating, Raises PT on Google

In a report published Wednesday, Wedbush Securities reiterated its Neutral rating on Google (NASDAQ: GOOG), and raised its price target from $640.00 to $690.00.

Wedbush noted, “While suspecting that the changing assessment of relative fundamentals of GOOG and FB is a primary driver of GOOG's share price rise this past quarter, we think investors must nevertheless keep two other fundamental in mind. First, we look to the impact of the changing macro outlook on GOOG's top-line growth - on balance, changes over the past quarter have been negative. Second, as we noted in our initiation thesis, we see as important the competition which search in general faces from e-commerce/vertical search, including, but not limited to AMZN. We note, for example, data in our 10/12 Media Use Survey report.”

Google closed on Tuesday at $744.70.

(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.