NEW YORK (TheStreet) -- Evercore increased its price target for Google (GOOG) to $1,450 from $1,400 and maintained its "overweight" rating on the stock in a note published Monday.
Evercore said it believes that now that Google has sold Motorola (MSI) to Lenovo (LNVGY) it can focus more on the the online travel space, which it is just starting to get into through its Hotel Finder service.
"Google's ability to monetize experiences through engagement-based services will allow it to further disrupt hardware and software layers over time, and we see the sale of Motorola's handset division as helping focus the company on more of these emergent areas. While this theme is still rather nascent within online travel, the tools that Google supplies to both merchant and consumer suggest that they may soon become a bigger player within the space," Evercore said.
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Google was down 0.8% to $1,173.68.
Separately, TheStreet Ratings team rates GOOGLE INC as a Buy with a ratings score of A. TheStreet Ratings Team has this to say about its recommendation:
"We rate GOOGLE INC (GOOG) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures, solid stock price performance, growth in earnings per share and compelling growth in net income. Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results."