UPDATE: Benchmark Lowers Target on Google to $625

Benchmark maintains its Hold rating on Google (NASDAQ: GOOG) and lowers its price target to $625 from $700 a share following the company's miss on revenues driven largely by Europe.

Benchmark says, " Google reported 4Q11 results that missed consensus estimates meaningfully. International y/y growth slowed 5 percentage points with Google noting weakness in Germany. But the US was also less robust than anticipated. We maintain a cautious view as European weakness likely persists and the US appears off to a slow start in 2012. We reduce 2012E EPS from $42.95 to $42.60 and lower our price target from $700 to $625 per share."

GOOG closed at $639.57 a share on Wednesday.