Credit Suisse Maintains Overweight on Google, Raises PT to $1,450.00 from $1,200.00

In a report published Tuesday, Credit Suisse analyst Stephen Ju maintained Overweight on Google, Inc.

, raising its price target from $1,200.00 to $1,450. According to the report, longer-term estimates have been increased to reflect growth in Google's mobile O&O revenue and moderated associated TAC, leading to the DCF-derived price target rise. “We continue to view Google as one of the best-positioned in our space to benefit from the proliferation of connected devices and the ensuing lift in engagement,” the report noted. “We therefore remain optimistic on Google's ability to sustain mid-teens revenue growth over the next few years. As previously noted, we view volume growth as a leading indicator of where Google's top line growth can eventually head as pricing on mobile should eventually close the gap with desktop.” GOOG closed Friday at $1,150.52.