UPDATE: Hilliard Lyons Downgrades Google to Neutral; Valuation is Fair
Hilliard Lyons downgraded Google (NASDAQ: GOOG) from Long-term Buy to Neutral and removed its $840 price target.
Hilliard Lyons commented, "During the past 12-month period shares of Google are up over 30%, double that of the S&P 500 Index. With only minimal y/y increases in our expected earnings estimates in the first half of 2013, we believe Google shares may pause ahead of better growth prospects in the back half of the year. … We believe the acquisition of Motorola Mobility will continue to weigh on Google's performance as the company works through Motorola's product line until later in 2013 when we expect Motorola will release new smartphones developed in combination with Google."
Google closed at $765.74 on Tuesday.
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