On Tuesday, Credit Suisse (CS) analysts reaffirmed their positive rating for Google (GOOG) stock.
In a research note, Credit Suisse stuck with its rating of “overweight” for GOOG stock. Credit Suisse has boosted its price target for GOOG stock from an earlier $1,200 a share to $1,450 a share. Given the current price of GOOG stock, Credit Suisse is predicting that GOOG stock could climb more than 25%, WKRB13 notes.
GOOG stock is expected to gain as the Internet search giant continues to expand its presence in consumer technology markets. Google recent acquired smart thermostat-maker Nest for a reported $3.2 billion, giving it a foothold in the “Internet of Everything” market for networked home appliances.
In the research note, Credit Suisse said they anticipated that Google “sustain mid-teens revenue growth over the next few years.”
GOOG stock hit $1,000 a share in October. By December, GOOG stock was trading above $1,100 a share.
In Tuesday morning trading, GOOG stock rose modestly. GOOG stock is trading north of $1,158 a share.