Good morning. Here’s your daily equity research roundup from the Street.
Google (GOOG): Citi analyst Mark Mahaney is reiterating his Buy rating on GOOG but is lowering his price target on the stock to $740 from $750 “to reflect Macro uncertainty & FX weakness.” However, Mahaney notes that monetization of YouTube ads continues to improve, saying “YouTube is on track to generate more than $3.5B in revenue in 2012” and that such an outcome would be “very significant.”
Gannett (GCI): Analysts John Janedis and Jaime Morris are lowering operating estimates on GCI as a result of a lowered forecast for the news media company’s “digital segment on anticipation of a lack of improvement at CareerBuilder.com in June.” They are also raising their estimates on TV segment growth at the company to 10.5 per cent in the second quarter from 8.5 per cent on increased advertising revenue from auto companies.
Celgene (CELG): Analyst Mara Goldstein is maintaining her Buy rating on CELG but is lowering her price target on the stock to $73 from $90, reflecting “reduced EPS forecast and P/E multiple contraction” after the company announced it had withdrawn its European application for a new drug, Revlimid, until further trial results come in.
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