Wells Fargo Updates Estimates on Google (GOOG); Cutting Valuation Range

Wells Fargo maintains a 'Market Perform' on Google (NASDAQ: GOOG) price target of $580-$610 (from $620-$640)

Analyst, Jason Maynard, said, "For Q2 we now project net revenue of $9.25B given a month of MMI (vs. prior estimate of $8.37B, which did not include any MMI revenue), with EPS of $9.45 (vs. prior $9.66). For the full year, we now project net revenue of $40B with EPS of $41.00, vs. our prior estimate of $35.3B and EPS of $42.15. As Google competes more with Apple (Nasdaq: AAPL) and Amazon (Nasdaq: AMZN) we see an uncertain business model transition ahead. We are trimming our valuation range to reflect our revised estimates, and a slightly lower multiple."

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 $576.52 yesterday.

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