Topeka Is Confident In Google After Release Of iWatch
In a research note released Thursday, Topeka Capital analyst Victor Anthony maintained a Buy rating on shares of Google Inc. (GOOG), with a price target of $657, following Google’s Developers Conference where Google showed how they have been expanding and strengthening their ecosystem through the Android operating system, and through platforms and wearable devices. Google also unveiled three new iWatches.
Anthony noted, “Google, in our view, is a best in class technology company, that continues to grow it’s topline at a healthy 20% clip, whereas other technology companies are struggling to keep topline growth above 0%. It is also the cheapest way, from a multiple perspective, to play the shift of advertising dollars from traditional formats to the Internet/mobile. The search business has proven to be resilient to competitive threats and remains dominant, and the technology platform remains innovative. We see continued share gains in advertising and see diminishing regulatory risks.” In reference to Google’s latest investments in Fiber, home monitoring, automation (IOT), transportation, remote internet access, robotics, weareables, satellites, and Chrome devices, Anthony said, it “may not generate a return today, but serve to create longer-term value by strengthening the Google ecosystem. It is a must own stock”.
According to TipRanks, which measures analysts and bloggers success rate based on how their calls perform, analyst Victor Anthony currently has a one-year average return of 19.9% and a 72% success rate. Anthony has a 12.8% average profit recommending GOOG, and he is ranked #71 out of 3136 analysts.