Google 3 pct higher after analyst upgrade
Monday, November 28, 2021 11:16 AM

Shares of Google Inc. (NASDAQ:GOOG) rose in Monday’s early trade following an upgrade by a brokerage firm on the company’s robust revenue growth and signs of profit margin stabilization.


The upgrade sent Google’s shares up 3 percent in early trade on Monday to $580.02. The stock has been trading in the 52-week range between $473.02 and $642.96.


Citigroup raised his buy rating on the search engine giant to ‘Buy’ from ‘Neutral’, while maintaining its price target of $680.


The brokerage downgraded GOOG in mid-April, citing “very aggressive” operating spending and “the rising influence of Facebook.” 


Since then, Google's stock price has declined since then while its revenue has grown 28 percent, the brokerage said, adding that the company has also started to show indications of margin stabilization, while seeing its valuation become “more attractive”.


Google has a P/E ratio of 19.19 and market capitalization of $182.35 billion.