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Collins Stewart Cuts Google Price Target

Second blow in one week for stock

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Google’s relatively new CFO, Patrick Pichette, got another bit of bad news today.  Financial firm Collins Stewart cut its price target on the company by $15, or about 3.33 percent. 

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Collins Stewart now believes Google’s shares will be worth $435 each, instead of $450, in 12 months’ time.  On Tuesday, ThinkEquity lowered its outlook, as well, so this is on the verge of becoming a negative trend.

It’s possible for an optimist’s perspective to survive, too, however.  Google’s currently at $330.47, after all, so the downgraded Collins Stewart prediction still supports the idea that a lot of improvement will soon take place.

Also, we should note that $330.47 is well above Google’s 52-week low of $247.30.  The Dow Jones Industrial Average, meanwhile, has sunk into the neighborhood of a 12-year low, so the search giant’s stock is in comparatively great shape.

One more thing: even Collins Stewart has by no means given up on Google.  Reuters UK reports, "The firm . . . affirmed its buy rating on the Internet search company, saying it would likely grow faster than the industry."  So there’s a little pick-me-up for Pichette.

Collins Stewart Cuts Google Price Target
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  • http://www.stanfordgrouplawsuit.com stanford group

    Hold on to your wallets!

  • http://www.earringsforever.com EarRings

    Only natural that they go down a bit since advertisers tend to slow down on their Adwords expenses. I don’t think this will have a big effect on them in the long run.

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