While most analysts following Google Inc. (GOOG) have maintained their calls on the firm’s stock, a few of them have lowered their 12-month price targets in the last two weeks. Some say the internet search behemoth’s stock could be hurt by foreign exchange currency fluctuations, and competition from Apple Inc. (AAPL) in the smartphone market. However, analysts expect the company will continue to see revenue growth in the ad space with paid click volume increasing.
Susquehanna Financial analyst Marianne Wolkdropped Google’s 12-month price target to $665 from $735, Jefferies’ Youssef Squalicut his estimate to $660 from $710, while Goldman Sachs analyst James Mitchell also moved to $660 from $685.
Bank of America Merrill Lynch’s Justin Postcut his price target to $630 from $685 as part of a broader downgrade of tech stocks, giving him the lowest target among analysts featured on Alacra Pulse. Heath Terry of FBR Capital Markets still has the highest price target of $750. The median 12-month price target of analysts tracked by Thomson/First Callis $682.50 and the mean is $664.06. Google closed Wednesday at $474.02.
The following graphic is based on a search onAlacra Pulse. Click the image to enlarge.
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