Needham has revised upward Google’s revenue estimates for fiscal years 2025 and 2026 due to strong performance in its cloud segment. The firm's analysts, Laura Martin and Dan Medina, raised the Q4 2024 revenue forecast by 1% to $96.4 billion, projecting 12% year-over-year growth. Google Cloud’s revenue estimate saw a 7% increase to $12.1 billion. Additionally, Google continues to lead in digital advertising, projected to generate $260 billion in revenue for 2024. Even amidst potential antitrust challenges, analysts believe Google could emerge more valuable if broken up.
Needham analysts Laura Martin and Dan Medina increased their Q4 2024 revenue forecast by 1% to $96.4 billion, reflecting 12% year-over-year growth.
Google remains dominant in digital advertising, with its $260 billion in global ad revenue in 2024 accounting for over 40% of the market, according to eMarketer.
The firm also upped its price target on Google stock from $210 to $225, reflecting confidence in its ongoing growth prospects.
Even if the U.S. Department of Justice succeeds in its antitrust case, Google could be more valuable if broken up, according to Needham.
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