Google Inc. GOOG had its price target lowered from $745 to $723 by Credit Suisse in a report issued on Tuesday. The firm's Outperform Rating was maintained.
Analysts led by Stephen Ju changed the target based on a strengthening US dollar.
Ju commented that Google remained “one of the best-positioned [companies] to benefit from the proliferation of connected devices and the following lift in engagement.”
The report added that as mobile traffic is monetized, volume growth will be a leading indicator for Google’s top-line and that “mobile traffic should eventually close the gap with desktop as the company continues to roll out new ad units and help advertisers make better cross-platform/device attribution.”
The report concluded that over the long-term, Google can grow revenue and earnings “at a mid-to-high teens CAGR over the next five years” through core search, display advertising and a mobile ecosystem.
Google Inc traded at $533.21 in the premarket, up 0.55 percent.
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