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UBS Upgrades Google

Merrill boosts its Yahoo! price target.

UBS upgraded Google (GOOG) - Get Alphabet Inc. Class C Report to buy from neutral, saying an 11% drop from its January highs makes the valuation "compelling."

The firm kept its price target at $560. Google rose $7.45 early Wednesday to $465. The stock hit $513 in January in the run-up to the company's fourth-quarter earnings report.

Meanwhile, Merrill Lynch raised its price target on


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by a dollar to $34, citing the strength of the Project Panama ad system. The firm rates the stock, which has rallied 20% this year after a terrible 2006 that lopped off a third of its value, a buy. Shares rose 14 cents early Wednesday to $30.94.