Google Scores Significant Upgrade (GOOG)

August 20, 2009 by Douglas A. McIntyre

GOOG LogoGoogle Inc. (NASDAQ: GOOG) has scored a significant upgrade in both name and in quality.  The king of search has been raised to Goldman Sachs’ Conviction Buy List.  The target was raised to $560 from $510, which is reflective of roughly 25% upside.  While the firm noted an increase display market share, also noted was more search spending and a boost from Europe and even from travel bookings.  Be advised that Goldman Sachs previously had a “Buy” rating on the firm, but this is the upgrade to is conviction list.  Shares are indicated up about 1% but there is very thin activity because of there being more than two hours until the market opens.

JON C. OGG