There are six days to go until Google announces its first quarter financial results, and as people begin to weigh in with predictions, the analysts at investment banking firm Evercore are optimistic that things will go well. Indeed, Evercore upgraded Google and raised its price target today.
With respect to the first half of that development, Swetha Gopinath reported, "Evercore Partners upgraded Google Inc to ‘equal-weight’ from ‘underweight’ citing positive advertising trends on strong e-commerce spending but said Facebook remains a concern."
As for part two, shareholders shouldn’t get too excited – this isn’t the biggest increase in the history of the stock market, and it barely stays ahead of the current price of Google’s stock – but Evercore upped its price target from $620 to $630.
Google’s stock is rising this morning, up 0.76 percent to $620.06, perhaps as a result.
That sets a positive tone for Google’s Q1 report. No amount of optimism can change the company’s numbers, of course, but if there’s enough of it, we can pretty much guarantee Google had a good quarter.
Meanwhile, Yahoo’s stock is also up this morning (by 0.30 percent), while Microsoft’s stock is down (by 0.28 percent).