Deutsche Bank: Pullback in Google "Way Overdone"

7/21 - "The recent pullback in shares of Google Inc., is “way overdone,” says Jeetil Patel, analyst at Deutsche Bank Securities, adding that he still has a buy recommendation for the giant of the search engine world.

“The company is leveraging balanced growth across three phases of the model, including distribution, monetization and optimization,” he says in a note to clients. Mr. Patel notes that Google’s second quarter highlights include “strong operating cost control, headcount growth moderation and, more importantly, 19% year-over-year growth in paid clicks."

"Mr. Patel now estimates that Google will bring in US$16.2-billion in net revenues for 2008, US$9.2-billion in earnings before interest, taxation, depreciation and amortization (EBITDA), and US$19.75 in pro-forma EPS...For 2009, Mr. Patel estimates revenue of $20.6-billion, $12.1-billion in EBITDA an $2...