BofA Cuts Price Target on Google (GOOG) to $500
An analyst at Bank of America lowered his price target on Google (Nasdaq: GOOG) by 23% from $650 to $500 this morning, saying "fewer people are looking for products online in the economic slump". The firm maintains a Buy rating on shares of Google.
Specifically, the BofA analyst points out that "online retail and travel, the two largest search categories, are slowing as people curb spending." The analyst lowered his Q4 EPS estimate on Google from $4.47 to $3.97 and his FY09 EPS estimate from $19.57 to $18.21. The Street is currently expecting Google to report Q4 EPS of $5.08 and FY09 EPS of $22.04.
With shares of Google trading around $269.66 (down about 2% from yesterday's close) today, Bank of America's lowered price target still represents potential price appreciation of 85% from current levels.
Google, Inc., a technology company, maintains index of Web sites and other online content for users, advertisers, Google network members, and other content providers.
Create E-mail AlertRelated Categories
Analyst CommentsInsiders' Blog
Stocks Mentioned
-5.55Related Entities
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
