Citi Updating Long Thesis On Google

In a report published by Citi, Google (NASDAQ: GOOG) is viewed as having one of the best risk-reward outlooks in the Large Cap Internet sector & see the current 34% upside potential to our $750 PT as reasonably compelling.

Citi said that it is updating the long thesis with key updates. “We are reiterating our Buy and $750 Price Target on GOOG in the wake of a series of updates to our Long Thesis. Near term, GOOG shares have underperformed YTD – down 5% vs. an S&P 500 which is up 2%. We believe the leading factors driving this underperformance have been concerns that the company is embarking on a major investment/spend cycle, concerns over the recent management shuffle, and an overhang related to the clear rising presence of Facebook on the Internet.”

Google closed yesterday at $561.06.