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Shares Of Google Drop Following JP Morgan Price Target Cut

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Shares of Google (NYSE: GOOG) are down over 2 percent in Tuesday's session following a JP Morgan (NYSE: JPM) note stating the bank lowered it price target from $670 to $600.

JP Morgan remains Overweight on the shares in light of lowering estimates on Google.

The analyst, Doug Anmuth, wrote:

"We are lowering our estimates on Google for 4Q14, 2015, and 2016 to account for slower organic growth, continued strength in the USD, and ongoing investment opportunities. Our 2015 revenue comes down by 4%, with ~75% of the change due to fundamentals and ~25% due to FX pressure."

Just before 3:00 p.m. EDT shares of Google traded down 2.17 percent to $502.68.

Latest Ratings for GOOG

DateFirmActionFromTo
Feb 2019PiperJaffrayMaintainsOverweightOverweight
Feb 2019Deutsche BankMaintainsBuyBuy
Jan 2019Deutsche BankMaintainsBuyBuy

View More Analyst Ratings for GOOG
View the Latest Analyst Ratings

Posted-In: Doug Anmuth JP MorganAnalyst Color Price Target Analyst Ratings

 

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