Benchmark Cuts Target on Google (GOOG) from $650 to $615, Maintains Hold

Article Stock Quotes (1) Comments (0)

Benchmark's Clayton Moran reduced estimates and his price target on Google (NASDAQ: GOOG) Wednesday morning. While maintaining a Hold rating, Moran cut his target from $650 to $615.

The analyst warned "Google is likely to miss the Q2 consensus estimate for net revenue due to the following:

• European online advertising has weakened further;
  
• the decline in the Euro currency; and
  
• fairly soft domestic search volume, specifically in retail."

Moran noted Google currently receives about 35-40 percent of its sales from Europe "and controls over 90% of the search market; we expect Europe will continue to drag down its revenue growth."

The Benchmark analyst is now expecting Google to report FY12 adjusted EPS of $42.50, down from $43 even previously. The Street consensus sits at $43.28.

Google shares are down 0.4 percent to $579.25 in pre-open action.

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

---

Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW

---

*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here

---

---

You May Also Be Interested In

• Morgan Stanley Maintains Bullish Stance on Walter Energy (WLT)
• Deutsche Bank Starts Quintiles (Q) at Buy
• Wells Fargo Starts StealthGas (GASS) at Outperform

Create E-mail Alert Related Categories

Analyst Comments, Analyst EPS Change, Analyst PT Change

Add Your Comment

Name

Subject

Body

Share on Facebook

Verification
can't see the text?
click here to refresh the image.
what's this?