Stifel Nicolaus Maintains Hold Rating on Google After Recent Outperformance

Stifel Nicolaus has published a research report on Google

commenting on the company's recent outperformance. In the report, Stifel Nicolaus writes, "Shares of GOOG have outperformed nicely, as investors discounted a very strong 4Q based on US channel checks. That said, we would rather be patient on the name, as we believe end demand in Europe may be slowing, and currency now presents a headwind. Further, while GOOG doesn't yet own Motorola Mobility (

), the fundamentals have fallen far short of 4Q estimates, causing the company to preannounce negatively. Finally, the cost of intellectual property litigation related to Android may rear its head in 2012." Stifel Nicolaus maintains its Hold rating on Google, which closed Friday at $650.02.