2014 might be the year of Google Inc (NASDAQ:GOOG). At least, that is what top analysts are saying about the transforming company. As a popular search engine, Google Inc (NASDAQ:GOOG) is used on a daily basis to discover important information (and mundane facts that seem important), but the company is growing into a broader technology platform. Mobile computing, the cloud, and advertising are all expanding this year and analysts are recommending BUY GOOG.
5 star analyst, Eric Sheridan, recommends BUY Google Inc (NASDAQ:GOOG) as it continues its “pursuit of disruptive endeavors. As Google continues to innovate, we believe it will increasingly compete with broader tech platforms across a range of businesses.” Eric also raised his price target from $200 to $1,300 as the company starts to focus their efforts on their “video ecosystems (YouTube, Chromecast), hardware (Motorola, Chromebook), operating systems (Android and Chrome), cloud computing, enterprise solutions, mobile apps and even far off projects like self-driving cars.” Eric recognizes that not all of these endeavors will produce returns right away, or even all at the same time, but the wide array of projects enables Google to stay relevant as technology continues to advance.
Eric believes that, “Investors will be satisfied if Google Inc (NASDAQ:GOOG) can either a) maintain flattish margins while producing mid-teens revenue growth; and/or b) provide cash returns to shareholders.” Eric is confident that these predictions can be achieved and stands by his BUY rating. Eric is ranked 117 out of 2315 analysts and has a 4.8% return over S&P-500.
Fellow 5-star analyst, Scott Devitt, also advises BUY GOOG, focusing on the company’s powerful advertising force. Scott is a major fan of YouTube as an advertising medium, “offering traditional TV advertisers a high degree of ad targeting precision.” He also sees great potential in Chromecast, “As Google moves closer to the TV with initiatives such as Chromecast, capturing around 5-7% of worldwide TV ad spend by 2020 may present an incremental $20b opportunity.”
Scott also reported on Google Inc (NASDAQ:GOOG)’s success with local marketing, “Google performed notably stronger with service-related SMBs relative to Facebook Inc (NASDAQ:FB), which showed 81% effectiveness of delivering new customers amongst surveyed SMBs.” Scott is ranked 78 out of 2315 analysts and has a 63% success rate of recommended stocks.
Whether Chrome is your default browser, you use Google Plus to keep in touch with your friends, or you love using your Android phone, it’s hard to deny Google’s presence in the technology world. Analysts believe this year will only expand Google Inc (NASDAQ:GOOG)’s influence and recommend you BUY GOOG. To keep track of recommendations about Google, and other companies, download TipRanks today and know who to trust.
By TipRanks
