Shares Of Google Drop Following JP Morgan Price Target Cut

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Shares of Google GOOG are down over 2% in Tuesday's session following a JP Morgan JPM note stating the bank lowered it price target from $670 to $600. JP Morgan remains Overweight the shares in light of lowering their estimates on Google.
The analyst, Doug Anmuth, wrote:
"We are lowering our estimates on Google for 4Q14, 2015, and 2016 to account for slower organic growth, continued strength in the USD, and ongoing investment opportunities. Our 2015 revenue comes down by 4%, with ~75% of the change due to fundamentals and ~25% due to FX pressure."

Just before 3PM EDT shares of Google traded down 2.17 percent to $502.68.

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