UPDATE: Bank of America Merrill Lynch Downgrades Google to Neutral, Lowers PO

In a report published Friday, Bank of America Merrill Lynch downgraded its rating on Google

from Buy to Neutral, and lowered its price objective from $790.00 to $745.00. BofA Merrill Lynch noted, “Google is a leader in Online advertising, and we expect growth above industry levels as the company gains traction in new categories. Google should generate significant new revenues from display advertising, YouTube monetization and mobile, however we believe the mobile revenue transition could pressure Google's near-term revenue growth and margin profile.” Google closed on Thursday at $695.00.