In a report published Friday, Deutsche Bank analyst Ross Sandler reiterated a Buy rating on Google GOOG, but lowered the price target from $935.00 to $930.00.
In the report, Sandler noted, “Google reported core revenue and EPS 2% and 9% above consensus expectations on steady growth, and one-time benefits from new revenue recognition and lower tax rate, overall we view the results as largely in-line. Ad revenue decelerated from 19% to 16% Y/Y on additional partner site policy changes, but core O+O sites revenue accelerated modestly. US growth lagged international again in 1Q, as most of the partner clean up is showing up in the US, and the search market is more mature. Overall, we remain upbeat on Google's prospects for 2013, and at 17x 2013 EPS, we continue to view the risk/reward as favorable and would selectively add to positions.”
Google closed on Thursday at $765.35.
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