Analyst Youssef Squali says the search engine's fourth quarter results exceeded his and consensus estimates for revenue and earnings Jefferies upgrades Google (GOOG) to buy from hold.
Analyst Youssef Squali says fourth-quarter results are outstanding, exceeded his high-end estimates, consensus numbers for revenue, and normalized earnings per share.
He says though the company provided no guidance, he believes fourth-quarter results provide incremental insight to the company's growth trajectory, which he believes is steeper than previously anticipated.
He raises his $3.50 2005 earnings per share estimate to $3.99 and his $4.66 2006 earnings per share estimate to $5.40. He raises his 12-month target to $230. Squali says his upgrade of Google rounds out his bullish stance on search marketing industry, including Yahoo, Ask Jeeves, and FindWhat.