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Stifel Nicolaus maintains its Hold rating on Google
GOOG and reduces its estimates to reflect negative impact of weak Euro currency on reported revenues.
Stifel Nicolaus comments, "Most international currencies have fallen vs. the dollar. The Euro has fallen 7% since the end of 1Q. Even with hedging activity, we expect this pronounced weakness to lead to a slight miss to consensus revenue expectations. We also believe economic malaise in Europe may be spreading to the core UK/Ger/FR markets, although the extent of this weakness is hard to discern. Shares become more attractive between $525-$550, at 10x PF EPS ex-cash, in our view."
GOOG closed at $588.23 on Wednesday.
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