Google Inc. (GOOG) Coverage Resumes as Buy at Needham

Google Inc. (GOOG) coverage has been resumed by the securities analysts at investments firm Needham.   Neehman re-issues this coverage of GOOG as “buy” and has a price target performance outlook of $725 dollars on shares of the company.  Needham noted earlier today that they find GOOG to be an appealing investment play and note that company growth could reach into further billions of dollars.  Additionally, Needham pointed out that search maintains its prominence as the growth driver for the company.

Today is one of the largest volume days for shares of GOOG for the past 12 months.  13.6 million shares exchanged hands between traders only to be surpassed by 14 million on April 15th, 2011, and 14.8 million exchanged on October 15th, 2010.  Noteworthy is that shares massively gapped up at the beginning of today’s normal market session and broke above resistance of the $595.19 price level which was last touched on April 1st, 2011 (“April fools day”).

Google is slated to release their next earnings report on October 13th, 2011, and is estimated to post EPS of $8.24.  Their last earnings report was released on July 14th, 2011, and announced EPS of $8.74 with revenue totaling $9.030 which was up 23.9% year to year.  GOOG is currently trading above its 50 & 200-day moving averages and 2011 is a down year for the company.

Google Inc. is a global technology leader focused on improving the ways people connect with information.  The company has market capitalization of $151,358,122,110 and 252,993,000 shares outstanding.  GOOG has a 52-week high of $642.96 with the low being $447.65 dollars.

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