UPDATE: Oppenheimer Reiterates Perform Rating, Raises PT on Google on Acceleration in Search and Lower Opex

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In a report published Friday, Oppenheimer analyst Jason Helfstein reiterated a Perform rating on
GoogleGOOG
, and raised the price target from $920.00 to $1,067.00. In the report, Oppenheimer noted, “We are increasing our 2013-14E non-GAAP EPS following better than expected 3Q operating results, reflecting a re-acceleration in core search revenues and lower core opex. As a result, we are increasing our price target to $1,067 from $920, implying 12% upside potential from after-hours trading, but maintaining our Perform rating. Non-GAAP EPS was 6%/4% above our/Street estimates, driven by 21% y/y growth in websites revenues ex-TAC vs. 16% in 2Q, partially offset by lower network revenue. Core non-GAAP operating income increased 17% y/y on flat margins y/y. Raising '13-'14E core net revenue by 1% and 2%, respectively, and Core EBITDA by 3% and 5%, respectively. As a result, Non-GAAP EPS increases by 4% and 5%, respectively.” Google closed on Thursday at $888.79.
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Posted In: Analyst ColorPrice TargetAnalyst RatingsJason HelfsteinOppenheimer
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