Google A upgrade details -- to Buy at Stifel; tgt $850
Stifel upgrades GOOGL to Buy from Hold and sets target price at $850 noting Larry Page and Sergey Brin meet Warren Buffett and Charlie Munger as the Berkshire Hathaway (BRK.B) of the Internet emerges for a multi-year stock run, in firm's view. Today, co announced plans to create a new public holding company, Alphabet Inc., which will provide reporting for the core Google business as well as its smaller, more speculative segments separately. Co has recently been giving investors exactly what they've wanted, with the strong mgmt team exercising disciplined focus on value creation, and with multiple business units operating with reasonable levels of autonomy. Firm believes this combination leaves the possibility for shares to exceed the S&P 500 return for many years on the back of this new operating structure