Zacks Investment Research downgraded shares of Google Inc-Cl A (GOOGL) from N/A to NEUTRAL on April 10, 2014, with a target price of $596.00.
Google is one of leading providers of target-based advertisements on the web. Google's fourth-quarter results missed the Zacks Consensus Estimate. Though the number of clicks and non-operating income remained positive, CPCs continued to decline in the last quarter. The company has shown superb execution to date, more or less maintaining share in a fast-growing market. We are also positive about its progress in video, which continues to outgrow its search revenue. Google's search market share is of course a big positive, which along with its focus on innovation, strategic acquisitions and proactive approach to mobile should continue to generate strong cash flows. However, we recognize the growing competition and legal hassles and therefore reiterate our Neutral recommendation on the shares.
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