Morgan Stanley Releases Google Data and Estimates

by Eric Niederer, Benzinga Staff Writer

April 15, 2014 2:22 PM | 1 min read | Make a Comment

In a note released Tuesday Morgan Stanley provided the following data/estimates for Google

GOOG

Consensus 1Q 2014 net revenue / EBITDA: +22 percent (ex-Motorola) Y/Y and 21 percent Y/Y
Morgan Stanley 1Q 2014 net revenue / EBITDA: $12.5b / $6.2b on growth of 26 percent (ex-Motorola, Currency loaded) / 21 percent Y/Y. (Morgan Stanley models Motorola as discontinued operations.)
U.S. search spending grew 16 percent Y/Y on average
Research indicates world wide search spending growth in the mid-20s
1Q impression growth modeled at +30 percent Y/Y
Estimated 9 percent decline in 1Q CPC
2014 estimated EPS $27.27 / net revenue $53,623 mm
2015 estimated EPS $33.65 / net revenue $62,628 mm

Morgan Stanley currently rate Google as Overweight and has a $645.00 price target.