The investment bank added $30 to Google’s target, which may see an additional uptick on account of the strong holiday sales season.
Google has said repeatedly that there wasn’t a revenue upside to Instant beyond making search a better experience for users. Google’s Mobile efforts also could be in question after indications that Android activation rates may be
. Nevertheless, Devitt lays out a rosy six months for Google’s share price:
DeVitt rationalized the raise in estimates and valuation:
In other investor news, Bank of America/Morgan Stanley said that The Nexus S launch shouldn’t be a factor in Google’s share price, while BMO Capital Markets initiated coverage of Google with a $700 target. Meanwhile, Ben Schachter at Macquarie reiterated his $725 target on indications of strong growth in the eCommerce sector as reported by ChannelAdvisor.
Google stock is up 2.5% this morning: