Bank Of America Maintains Buy On Google Inc.

Bank of America is maintaining its Buy rating as well as its price target of $750 on Google Inc (NASDAQ: GOOG) based upon 1Q revenues.

Says Bank of America, in its report, “We look for a better 2H driven by: 1) better clarity on '11E margins and estimates after the June quarter is reported, 2) positive mobile data points (could be a $2bn run rate before 2012), 3) anticipation of a strong Android Christmas for new mobile devices, and 4) new product launches. We like Google's risk/reward below $600 and maintain our PO at $750 based on 16x (less than 1x growth) our 2012E ex-interest EPS of $39.07, plus $130/sh. in year-end cash.”

GOOG closed at $578.51 yesterday.