UPDATE: Morgan Stanley Initiates Coverage On Google On Great Expectations

In a report published Monday, Morgan Stanley analyst Benjamin Swinburne initiated coverage on Google Inc GOOGL with an Equal-Weight rating and $600.00 price target. In the report, Morgan Stanley noted, “We initiate at EW with a $600 PT as Google fends off a ‘law of large numbers' issue in core search by ramping investment spend. Google is a LT secular winner, but estimates appear high and diversification is proving expensive.” Google closed on Friday at $567.87.