UBS Raises estimate and price target for Google (NASDAQ:GOOG)
By BenzingaStaff3
November 19, 2009 9:44 AM
November 19, 2009 9:44 AM
Today, UBS Investment Research maintained their “Buy” rating on Google Inc. (NASDAQ: GOOG) and raised their price target to $700 from $635 earlier, this represents a premium of over 21% over its yesterday’s closing price of $576.75.
The Firm said “We are raising our Q4 and 2010 estimates on GOOG as keyword pricing has improved more than expected through Q4. Our price target moves to $700 from $635. Our proprietary price tracking and channel checks with several SEMs and industry participants suggest CPCs (or keyword pricing) particularly in categories such as retail witnessed strong growth in Oct from September and Q3 levels.”
However, Shares of GOOG have fallen 0.75% or $4.45 in today’s opening session.
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