UPDATE: Citi Starts Google (GOOG) at Buy

(Updated - July 10, 2013 7:07 AM EDT)

Citi initiates coverage on Google (NASDAQ: GOOG) with a Buy rating and $1100 price target.

The firm said Google is positioned to benefit from most all of the major secular growth themes of the Internet: vertical search, display consolidation, online video, mobile Internet, etc.

Analyst Mark May comments, "Best combination of growth (20%), price (15x P/E, 6% yield), and LT confidence (strong position in secular growth areas + mgmt execution track record). N-T, after several qrts of declining search CPCs, could see a turn in 2H13 from EC & PLAs + outside of search video/brand/mobile are fast growing. We believe the stock can trade up to $1100 TP over the next 12 months as search pricing improves and brand $ oppty comes into light."

For an analyst ratings summary and ratings history on Google click here. For more ratings news on Google click here.

Shares of Google closed at $905.09 yesterday.

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