Google Inc. (NASDAQ:GOOG) is seeing quite a boost in the premarket trading Monday after a Citi Investment Research analyst upgraded the online search leader, citing a recent stock price drop and consistent revenue growth.
The analyst, Mark S. Mahaney, upgraded Google to “Buy” from “Neutral.” He’d downgraded the stock in mid-April, but Google’s stock price has declined since then while its revenue has grown 28 percent, not counting acquisitions.
The company, he added, has also started to show signs that its profit margin is stabilizing, and its stock price value “has become more attractive as estimates have increased while its share price hasn’t. This “is essentially the dip we have been looking for,” Mahaney said.
Google’s shares climbed $15.08, or 2.7% to $578.08 in premarket trading on Monday. The stock closed at $563 on Friday, down nearly 4 percent since the beginning of April.
Amazon.com Inc. (NASDAQ:AMZN), the Seattle online retailer, reported on Monday that Black Friday sales of its Kindle electronic-book reader quadrupled from a year earlier. Amazon.com markets four versions of the Kindle, at $79, $99, $149 and $199.
“This was a great Black Friday for Target and for Kindle Fire, which was the bestselling tablet in our stores on Black Friday,” said Nik Nayar, vice president merchandising, Target. “We’re excited so many guests chose Target as their destination for the new family of Kindle devices and we’re sure Kindle Fire will continue to be at the top of wish lists this holiday season.”“Even before the busy holiday shopping weekend, we’d already sold millions of the new Kindle family and Kindle Fire was the bestselling product across all of Amazon.com. Black Friday was the best ever for the Kindle family – customers purchased 4X as many Kindle devices as they did last Black Friday – and last year was a great year,” said Dave Limp, Vice President, Amazon Kindle. “In addition, we’re seeing a lot of customers buying multiple Kindles – one for themselves and others as gifts – we expect this trend to continue on Cyber Monday and through the holiday shopping season.”
Shares of Amazon (AMZN) were trading at 189.99, up 7.59 or 4.16% in the premarket.