UPDATE: Canaccord Genuity Raises PT on Google Following Solid Q3 Results
In a report published Friday, Canaccord Genuity analyst Michael Graham reiterated a Buy rating on Google (NASDAQ: GOOG), and raised the price target from $940.00 to $1,000.00.
In the report, Canaccord Genuity noted, “Google reported solid Q3 results that beat consensus for revenue and EPS by a few percent despite intra-quarter concerns that the rollout of Enhanced Campaigns would negatively impact advertiser behavior in the quarter. Websites revenue growth accelerated despite continued CPC shrinkage and made up for a big deceleration in Network revenue. With many investors already expecting a strong Q4 from EC impact, getting past this potentially bumpy Q3 with a solid set of results should allow the stock to work well through year-end.”
Google closed on Thursday at $888.79.
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