Nomura reiterated its Buy rating on Google GOOG but reduced its price target from $900 to $840.
Nomura commented, "GOOG reported 3Q:12 results below us and the
Street. Core GOOG gross advertising revenue came in 3% below us and the Street, and advertising revenue ex-TAC came in 5% below us. GOOG's mobile business is indeed ramping and reaching scale as the company said its mobile revenue is now running at an $8bn annualized run-rate, up ~220% from the $2.5bn annualized run-rate in 3Q:11. In the near-term, lower mobile monetization and cannibalization away from desktop searches is impacting GOOG's total revenue growth. We are lowering our forward EPS by 7% and our PT from $900 to $840. Near-term numbers will need a resetting, but we continue to like GOOG's long-term position to keep winning in search regardless of the platform."
Google closed at $695.00 on Thursday.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
---|
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in