UPDATE: Nomura Initiates Coverage on Google at Buy, Establishes $1,300 PT

In a report published Wednesday, Nomura analyst Anthony DiClemente initiated coverage on Google, Inc.

with a Buy rating, establishing a $1,300 price target. According to the report, of any digital media company, GOOG offers the broadest and most cohesive suite of Web services. “We believe that there are three key reasons to own Google: 1) Google's Android operating system is winning the mobile platform war, providing Google with a superior business model across services; 2) Google's monetization of the local ad market represents a material forward driver; and 3) growth in Google's media assets (Google Play, YouTube, Chromecast, and Google Fiber) bode well for media content-related revenue streams. Valuation Methodology: Target 2015E P/E of 20x,” the report noted. GOOG closed Tuesday at $1,149.40.