Canaccord Genuity Reiterates Buy On Google, $700 PT

In a research report issued today, Canaccord Genuity analyst Michael Graham reiterated a Buy rating on Canaccord (GOOG) with a price target of $700.

Graham noted, “We believe the key number (as in Q2) was ~20% for Web sites revenue growth, which provides the foundation for our buy thesis: 1) ~20% revenue growth with potential for slight operating leverage (although we are not seeing it currently); 2) undemanding valuation; 3) sale of MMI creates margin expansion that should help the stock screen well; 4) still largely-undiscounted potential from YouTube, mobile ad pricing reaching (higher) maturity, and other adjacent businesses.”

According to, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Michael Graham has a total average return of 18.6% and a 56.1% success rate. Graham is ranked #78 out of 3336 analysts.

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