Soleil Securities Downgrades Google (GOOG) to Hold
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Soleil Securities downgrades Google Inc. (Nasdaq: GOOG) from Buy to Hold and lowers their price target from $580 to $350, citing 2009 earnings estimate risk and several company specific concerns.
The firm said EPS downside may be worse at GOOG as cost management may lag revenue weakness because GOOG may be unwilling to cut people or investment levels owing to their >$13B cash horde. They also said a falling share price weakens the golden handcuffs for employees, implying defections.
The firm also said, "Googlisms like 10% of public shareholder's profits going to fund Google.org, 20% of work time (Friday's) as undirected time, & the confusing myriad of non-revenue producing Google-products in the marketplace should end."
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