Piper Jaffray's Take On comScore Share Data May Search Numbers (GOOG, YHOO)

comScore released May search market share numbers. According to a research report released by Piper Jaffray, "on an absolute basis, Yahoo! YHOO continued to gain share, driven by new features like slideshows, increasing its share from 17.7% in April to 18.2% in May, while Google GOOG went from 64.4% to 63.7%." On an adjusted basis, which excludes searches not generated through a traditional text box, Google actually continued to gain share on a month/month basis. Piper Jaffray analysts wrote that "our read of the data is that Google is not losing text box search share, but query growth continues to slow, while Yahoo! is not gaining text box share, but is generating a significant amount of additional traffic to its search engine." The firm reiterated their Overweight rating on Google (GOOG) and $700 price target. Piper Jaffray also has an Overweight rating on Yahoo (YHOO), with a $20 price target. During the current trading session, GOOG has fallen 0.74% to $483.39, while YHOO has gained 0.66% to $15.20.