Global Equities Research Maintains Overweight, $700 PT on Google

Global Equities Research reiterates its Overweight rating and $700 price target on Google

as it sees company's positives outweigh negatives and long-term fundamentals are strong. Global Equities Research comments, "Positives: “Panda, Instant Preview and Place” is helping Google gain both Search query market share as well as Search monetization share; “YouTube revenues are probably up 7% to 19% sequentially. Negatives: Google Wallet Vision is right, market is Larger than the advertising-search market, however, implementation is flawed – Some Handset OEM's and Carriers have started to shun Google Wallet. Opinion: Positives outweigh the negatives. Raising FY 2012 non-TAC Revenue Estimate from $37.6 Billion to $38.4 Billion." GOOG closed at $622.46 per share on Monday.