UBS Financial initated coverage of Google (GOOG ) with a reduce rating.
Analyst Benjamin Schachter satys he considers Google a great company, but thinks investors will see better entry points in the future. He thinks the key to understanding Google is understanding its commitment to its mission of organizing the world's information.
Schachter notes Google is not a search company, -- it's a company working to fix large-scale problems. He says infrastructure and knowledge base -- not just search technology -- is the company's competitive vantage. He Expects Google to use this to attack Microsoft and change way the world accesses information. he sees $2.55 2004 earnings per share, $2.97 2005 earnings per share and sets a $160 target.