Benchmark Downgraded Google (GOOG) to Hold On Ad Trends
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Benchmark downgraded Google (Nasdaq: GOOG) from Buy to Hold, citing indications of softening
online ad trends.
The firm said, "Street sentiment has turned positive as economic indicators and online ad trends stabilized in April, but more recent online activity indicates a further pull-back by large advertisers. In our view, corporate America doesn't seem sufficiently convinced of a recovery yet to open the advertising floodgates."
Benchmark said their channel checks reveal a softening in online advertising trends. The firm notes, "there was a spurt of activity from March through mid-May. But visibility remains low and indicators for June through August are negative, implying at least a pause."
Benchmark is maintaning their 2009 EPS view of $21.25, which is in-line with the Street, but said these estimates are at somewhat greater risk now. The firm is also maintaining their $430 price target on Google, which closed at $444.32 on Friday.
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