Net Ads Golden to Google

Stock quotes in this article: MSFT , YHOO , GOOG , CNET , IVIL  

Some of that demand, writes Noto, is trickling down to specialty sites such as the technology news and information site CNet (CNET Quote) and the female-focused iVillage (IVIL Quote).

Branded online advertising is "poised for a breakout year in 2005," writes Noto, whose firm has done banking for both Google and Yahoo! within the past year. (Noto calculates a per-share "implied value" of $215 for Google and a range of $39 to $44 for Yahoo!.)

As for Noto's new estimates, he says Google's net revenue will amount to $592 million in the fourth quarter, up from his prior estimate of $579 million, and ahead of the Thomson First Call consensus of $584 million. Earnings before interest, taxes, depreciation and amortization will amount to $378 million, says Noto, compared with the First Call median of $358 million.

Yahoo!'s fourth-quarter revenue will be $773 million, says Noto, ahead of the consensus of $754 million. EBITDA will amount to $322 million, he says, ahead of the $308 million mean.

The accuracy of those new estimates won't be be tested for several weeks: Yahoo! is slated to release fourth-quarter financial results Jan. 18, and Google is scheduled to disclose its quarterly numbers Feb. 1.

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