GOOG Google: Q4 tracking ahead in U.S.; raising ests - RBC (566.40 )

Monday, January 28, 2008

GOOG Google: Q4 tracking ahead in U.S.; raising ests - RBC (566.40 )

RBC is raising their net rev growth est for 4Q07 to +16.4%, up from +15.5%, primarily as a result of stronger than expected growth in the U.S. Firm's checks indicate that the holiday season for paid search marketing was robust, despite an early start in 2007 the U.S. Growth in Europe was solid in 4Q, but typically lags the U.S. as the holiday season is less pronounced. Firm's Google "must-buy" analysis suggests an entry point below the $600 level, so with a potentially strong quarter ahead, they are comfortable buying shares at current levels.