UPDATE: Oppenheimer Holdings Reiterates Perform Rating, Lowers PT on Google

In a report published Wednesday, Oppenheimer Holdings reiterated its Perform rating on Google

, but lowered its price target from $760.00 to $715.00. Oppenheimer Holdings noted, “We believe that GOOG is smartly reinvesting its 83% gross margin in driving higher penetration of its Nexus Android tablets, but in the near term, the company will see margin dilution from these costs, as well as higher traffic acquisition costs (TAC) as the majority of tablet usage and mobile commerce is generated from iOS devices. In addition, we expect higher 1H13 marketing expenses as GOOG pushes greater adoption of Android, Chrome and Maps. As a result, we are decreasing our 4Q and '13 non-GAAP EPS estimates by 14% and 7%, respectively. Reducing price target to $715 from $760, based on 16x 2013 EPS.” Google closed on Monday at $707.38.