GOOG’s US Paid Click Volumes Improving

Analyst Chris Kotowski of Oppenheimer & Co reiterates his "outperform" rating on Google Inc (NASDAQ: GOOG). The target price for GOOG has been raised from $700 to $715.

According to Oppenheimer & Co, “our channel checks suggest better than expected y/y CPC trends, similar to 4Q, we are raising our 1Q US CPC estimates and assuming an improving trend throughout 2010.”

“Additionally, third-party data supports improving US paid click volumes. As a result, our net revenue and non-GAAP estimates are now 4% and 3% above the Street for FY10,” the analysts say. The positive data from channel checks and third-party data sources has prompted an increase in the estimates for GOOG, the analysts add.

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