In a note released Friday, Citi analyst Mark May reiterated his Buy rating on Google GOOG and raised the price target from $686 to $675.
May explained the increase in his price target comes amid checks with leading search marketing companies that suggest Google's business slightly accelerated in the second quarter of 2014, setting the stage for the company to beat expectations.
Additionally, May has updated his model to reflect the new segment-level operating metrics Google announced during its first quarter earnings conference call and is forecasting ~20 percent earnings growth.
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