In a note released Monday morning, Jefferies added Google Inc GOOG GOOGL to its "Franchise Picks" list, while maintaining a Buy rating and a $700 price target.
The addition of Google to the list is due to the belief that YouTube is best positioned to benefit from "strong" growth in online video advertising.
According to Jefferies "back-of-the-envelope" market valuation, YouTube is worth between $26 billion and $40 billion, or seven percent to 11 percent of Google's market cap. Looking forward, Jefferies is predicting a ~33 CAGR for video advertising from 2014 to 2017.
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