Jefferies analyst Youssef Squali this morning repeated his Buy rating on Google (GOOG), raising his price target on the stock to $680, from $660.
He raised his 2010 EPS forecast for the company to $27.32, from $26.89; for 2011, he now sees $32.52, up from $31.54. “We remain positive on Google due to sustained demand for search advertising in Q3, improving e-commerce trends, expanding ad budgets into Q4 and growing non-search businesses,” he writes in a research note.
Squali notes that the stock is down about 15% year-to-date, pressured by the situation in China, declining margins and lack of disclosure on non-search segments, as well as “growing ire of regulators.” That said, Squali stays bullish, based on a largely unchallenged position in search, an improving macro picture and an an improving position in display and mobile advertising.
GOOG is up $6.96, or 1.3%, to $543.31.
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