Market Overview

Gene Munster: We Still Believe In Google Long-Term On Mobile, Connected Home, Cars & Robots

Gene Munster: We Still Believe In Google Long-Term On Mobile, Connected Home, Cars & Robots
Related GOOGL
The Program For Trading Like A Hedge Fund
You Can Now Book An Uber Directly In Google Maps
Fake News Vs. Fake Breakouts: Is Facebook Finally Ready To Run? (Investor's Business Daily)
Related GOOG
Brexit Is Back: May's Speech Weighs On Market Despite Strong Morgan Stanley Results
The Program For Trading Like A Hedge Fund
New York Times - Reasons To Be Worried (Seeking Alpha)

In a report published Wednesday, Piper Jaffray analyst Gene Munster maintained an Overweight on Google Inc (NASDAQ: GOOGL) (NASDAQ: GOOG), with a price target of $631.

Google is scheduled to report earnings on July 16. While there is “potential for positive expense commentary,” the company’s shares were already up 2.5 percent when the WSJ's story said that Google was “focusing on more careful expense management, particularly around justifying new hires,” analyst Gene Munster said.

Google's new CFO, Ruth Porat, began on May 26, and Q2 “will be perceived as the first quarter on her watch,” Munster wrote, while adding, “As a result, we believe she has incentive to make sure that she meets or exceeds Street expectations in her first quarter out to start off on the right foot with investors.”

In the report Piper Jaffray noted two reasons for believing in Google longer term:

  • “First, we continue to believe that mobile CPCs will ultimately be higher than desktop (in next 2+ years) and could be driven by offline conversion data.
  • Second, we don't believe that Google is getting much credit for long-term opportunities in connected home, autonomous vehicles, and robotics, although we do note competition growing in each of those segments.”

Latest Ratings for GOOGL

Dec 2016Aegis CapitalInitiates Coverage OnBuy
Oct 2016Credit SuisseMaintainsOutperform
Sep 2016WedbushDowngradesNeutralUnderperform

View More Analyst Ratings for GOOGL
View the Latest Analyst Ratings

Posted-In: Piper JaffrayAnalyst Color Long Ideas Reiteration Top Stories Analyst Ratings Tech Trading Ideas Best of Benzinga


Related Articles (GOOG + GOOGL)

View Comments and Join the Discussion!