BGC Financial Reiterates Hold on Google Ahead of Earnings

In a report published Tuesday, BGC Financial analyst Colin W. Gillis reiterated a Hold rating and $760.00 price target on Google (NASDAQ: GOOG).

In the report, Gillis noted, “We wrestled with changing our rating to a more positive stance to take advantage of the recent weakness in the stock, but ultimately decided to revisit our rating later this spring. Historically the March quarter results have started Google's stock on a downward decline exceeding ten percent in each of the last three March quarters. Google's shares have already declined over 5% from its recent high of $838.60 on March 5th, and there are plenty of reasons to want to invest in Google. The company arguably produces the best software in the space, there are exciting new projects such as Glass and Fiber that could become meaningful revenue streams over time, and the recent merger of Android and Chrome leadership under Sundar Pichai could assist in reflecting Android's tremendous success onto Chromebooks. The core search business faces limited competition.”

Google closed on Tuesday at $792.50.