Morgan Stanley Reiterates Overweight on Google on Share Price Appreciation

In a report published Thursday, Morgan Stanley analyst Scott Devitt reiterated an Overweight rating and $996.00 price target on Google

. In the report, Devitt noted, “We see share price appreciation driven by consistent execution coupled with multiple expansion, as investors gain confidence that social networks are less of a threat than feared, mobile is more incremental than cannibalistic, and video becomes a more interesting story Google's history of innovation suggests a reasonable opportunity to capture meaningful share in travel, local, or other new areas A 7% FCF yield (2014E) offers investors some downside protection.” Google closed on Wednesday at $915.89.