Google Rating Cut Down By JMP
Google’s rating from JMP Securities has been cut down from “Strong Buy” to “Market Outperform’.
Along with that, JMP cut its price target down to $475 from $500. At the writing of this article, GOOG is at $408.95 after opening at $409.00.
JMP has been cited as saying that Google’s first-quarter and full-year revenue growth will be much lower than its initial forecast.
Search query growth has not lived up to expectations. This is likely a factor that has been taken into consideration as other market analysts such as William Morrison have also lowered their target prices.