After another solid quarterly report, Goldman Sachs (NYSE:GS) boosted their price target and EPS estimates on Google (NASDAQ:GOOG).
Goldman raised the EPS estimate for 2011 and 2012 by 3% to $35.11/$40.14, citing higher operating income. Goldman also introduced 2013 EPS of $45.92.
Commenting on Eric Schmidt being replaced by Google co-founder Larry Page, Goldman said, "we view announced senior management changes as simplifying Google’s decision-making processes, rather than as heralding major strategic shifts."
Goldman maintains their "Buy" rating on Google, which closed Friday at $611.83, dropping $14.94, or 2.38 percent. Goldman raised their price target on Google from $700 to $720.
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