A slew of analysts reiterated their ratings and price targets on Google’s stock, saying there were no real surprises and that the positives had offset the negatives in the quarter. “There is still material return on investment upside available to advertisers from search advertising, and that such upside will continue to fuel ongoing demand for search ads and revenue growth,” Sanford C. Bernstein analyst Carlos Kirjner said in a note. Google’s advertising rates have been pressured as consumers increasingly use smartphones to access mobile versions of the Web, but the concern was alleviated as overall clicks on Google’s search ads jumped 42 percent in the second quarter.
“While the quarterly results were somewhat unremarkable, we believe shares may form a base at or near $600, in part because investors will soon shift attention to back-to-school and holiday shopping seasonality,” Stifel Nicolaus said. The brokerage has a “hold” rating on Google’s stock. The success of Google’s web browser, Chrome, will offset rising traffic acquisition costs (TAC), Barclays Capital analyst Anthony DiClemente said in a client note. TAC is the money paid by internet search companies to online firms that direct traffic to their websites.
DiClemente is a five star-rated analyst for the accuracy of his earnings estimates on Google, according to Thomson Reuters StarMine data. Chrome users nearly doubled by the second quarter to 310 million. Benchmark Co, which has a “hold” rating on Google’s stock, raised its price target by $10 to $625.
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