Google (GOOG) Gets Upgraded

On a day of nothing but negative news about Goldman Sachs (GS), there was some good news coming out of Goldman Sachs. Goldman Sachs kept Google (GOOG) on its conviction buy list. Goldman believes that Google’s 1st quarter "results showed the strength and pro-cyclicality of its franchise as US revenue accelerated to up 22% yoy from up 11% yoy in 4Q, driving total revenue up 22% year over year from up 16% year over year." Goldman increased the price target on Google by $10 to $680. That's a 23.6% gain over Friday's closing price. Canaccord Adams maintained its Buy rating on Google and set a $700 price target due to increased strength in the advertising market. Citi reaffirmed its Buy rating but has a target price of just $640 on Google's shares. "Q1 results beat consensus estimates, but came in shy (again) of high-end expectations. Overall results were generally in-line with our estimates. We believe GOOG shares have material valuation support here."