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March 15, 2007

Upping Google Estimates

Jordan Rohan at RBC makes a good case this morning for upping Google estimates. His four points:

• Worries about Google's exposure to sub-prime mortgage company advertising are overdone
• Yahoo's Panama is a tide that lifts all advertising boats by improving the quality of search-related ads
  
• YouTube litigation exposure is offset by seeing how focused Google is on media deals that make financial sense for shareholders
  
• Investors are over-worried about Google's second act, and while that is taking longer than expected, it will come

I buy the first three points, while I think the last point is soft and weakens Jordan's upgrade message somewhat. Nevertheless, I buy the argument overall, so worth noting.

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