Tech Stock Strategist On Google: This Is Not A Quarter I'd Want To Be Leaning Short
Udall acknowledged that he usually has a contrary opinion on Google and that when the stock has been at or below $500 he has often taken long positions, including call spreads.
Udall thought, "Google will have a better report this quarter because they’ve had so many bad reports recently.”
Google missed five of the last seven reports, “so...they’re due [for a beat]," according to Udall, "and if they’re going to have a smash quarter it’s typically the holiday quarter...this is not a quarter I’d want to be leaning short, I’d much rather be leaning long.”
If, however, the stock had been trading in the low $500s, then Udall “would be pretty aggressive” but had not taken a position in Google at the time of the interview on Monday, when shares of Google were trading in the $530 range.
Since Monday, shares of Google have fallen 6.7 percent and recently traded at $505.73.
Check out the video below for the full interview:
Don’t forget to tune in to Benzinga’s #PreMarket Prep broadcast Monday-Friday 8-9:45 a.m. ET for a live, interactive morning show with veteran traders and featured finance industry experts ready to answer your questions for the trading day.
Latest Ratings for GOOG
|Jul 2016||JP Morgan||Maintains||Overweight|
|Apr 2016||Deutsche Bank||Maintains||Buy|
|Feb 2016||Deutsche Bank||Maintains||Buy|
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.