UPDATE: Benchmark Reduces PT to $615 on Google on Soft Search, Euro Decline

Benchmark reiterates its Hold rating on Google GOOG and lowers its price target from $650 to $615. Benchmark notes, "We reduce estimates based on our 2Q channel checks. We believe Google is likely to miss the consensus estimate for net revenue due to the following: European online advertising has weakened further, the decline in the Euro currency, and, fairly soft domestic search volume; specifically in retail. Street consensus for 2Q12 net revenue growth is 22% y/y, down from 25% in 1Q12, in part reflecting some of these issues. But we believe 19% to 20% is more likely." GOOG closed at $581.53 on Tuesday.