Yet another analyst raising expectations for Google’s Q3: RBC’s Ross Sandler is the latest to increase estimates, citing strong international checks.
Specifically, the UK search market is trending “flat to slightly up” over last quarter, Germany is up “mid single digits” and France is doing even better, Sandler writes in a note today. Those three regions represent about 30% of Google’s overall sales, he estimates.
As a result, he thinks Google’s overall net revenue could grow 5.5% quarter-over-quarter, up from his previous estimate of 3%. “Some of this is likely factored into shares, but we continue to view Google as a must-own in large cap Internet,” he says.