Wells Fargo & Co. (NYSE: WFC) Begins Coverage on Google (NASDAQ: GOOG)

Wells Fargo & Co. (NYSE: WFC) Begins Coverage on Google (NASDAQ: GOOG)

Wells Fargo & Co. (NYSE: WFC) analysts initiated coverage on shares of Google (NASDAQ: GOOG), saying that the stock is attractively valued given the recent sell-off of the stock. The analysts gave Google a “outperform” rating and said that sales could increase by 15% to 20% in 2011.

Google Inc. maintains an index of Websites and other online content, and makes this information freely available through its search engine to anyone with an Internet connection. The Company’s automated search technology helps people obtain nearly instant access to relevant information from its online index. The Company generates revenue primarily by delivering online advertising. Businesses use its AdWords program to promote their products and services with targeted advertising. In addition, the thousands of third-party Websites that comprise the Google Network use its AdSense program to deliver relevant ads that generate revenue and enhance the user experience. In September 2009, the Company acquired ReCAPTCHA Inc., a spin-off of Carnegie Mellon University’s Computer Science Department. In February 2010, the Company acquired Aardvark. In February 2010, the Company acquired On2 Technologies, Inc.

Shares of Google (NASDAQ: GOOG) traded down 0.11% hitting $491.00 during mid-day trading on Thursday.

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