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While investors were busy unloading Google Inc.'s stock after the company warned Thursday of slowing third-quarter sales growth, Prudential Equity Group LLC analyst Mark Rowen went the other way, raising his price target for the world's biggest media company to $400 (U.S.), the highest of any analyst.
“In our opinion, an investment in Google is, in effect, an ownership stake in a company with maximum exposure to the on-line advertising market's fastest growing format,” Mr. Rowen said in a research note to clients.
Mr. Rowen said he expects Google to continue posting “hyper-growth rates.”
For the fourth straight quarter, Google beat analyst earnings estimates. Excluding traffic acquisition costs, the company posted $890-million in net revenue, a 110-per-cent growth rate year-over-year. Analysts expected $842-million.
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“In our opinion, an investment in Google is, in effect, an ownership stake in a company with maximum exposure to the on-line advertising market's fastest growing format,” Mr. Rowen said in a research note to clients.
Mr. Rowen said he expects Google to continue posting “hyper-growth rates.”
For the fourth straight quarter, Google beat analyst earnings estimates. Excluding traffic acquisition costs, the company posted $890-million in net revenue, a 110-per-cent growth rate year-over-year. Analysts expected $842-million.
Google given $400 price target
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