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GOOG: Credit Suisse Ups Ests; But Sees Dings From Bing

Published on June 18, 2009
by Eric Savitz

Credit Suisse analyst Spencer Wang this morning repeated his Outperform rating on Google (GOOG), while increasing his price target on the stock to $475, from $400. He also lifted EPS estimates on the company: for Q2, he now sees $4.99, up from $4.48. For the full year, he goes to $21.07, from $19.78.

Wang sees a 1-1.5 percent boost to paid clicks in the second quarter from the company’s new policy to allow third parties to use trademarked terms in the text portion of paid search ads. He also says that channel checks with search engine marketers and key advertisers find that search ad pricing appears to be stabilizing. He now sees revenue per click down 11.7 percent in the quarter, about in line with Q1, and better than his original estimate of down 16.2 percent.

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