UPDATE: Sterne Agee Initiates Google at Neutral on Valuation, Mobile Monetization Concerns
Sterne Agee initiated coverage on Google (NASDAQ: GOOG) with a Neutral rating.
Sterne Agee noted, "In our view, GOOG is the undispuited leader in internet search, advertising, and cloud services and an emerging player in hardware. With Android, the company is clearly building a very large base of mobile users but like many of its technology peers, the big question is whether it can monetize in a big way, which only AAPL and Samsung (so far) have been able to do. Our key concern is that this mobile transition may be tougher and take longer than consensus thinking."
Google closed at $770.17 on Wednesday.
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