(Recasts; adds details)
Nov 13 Jefferies and Co cut its price target on
Google Inc (GOOG.O) to $420 from $551, and lowered its
fourth-quarter, full-year and 2009 estimates on the Web search
company, citing further deterioration in e-commerce and online
"Lack of consumer confidence has affected the online
traffic growth. Traffic should be growing around this season as
consumers begin to look for gift ideas," the brokerage said in
a note to clients.
Earlier this week, Goldman Sachs and Barclays Capital also
cut their price target Google's stock.
Jefferies cut its fourth-quarter earnings estimate for
Google to $4.99 from $5.22 a share, and full-year estimate to
$19.39 from $19.62 a share.
The brokerage slashed its 2009 profit estimate for the
company to $21.26 from $23.33 per share.
Jefferies kept its "buy" rating on the stock.
Shares of Google closed at $291 Wednesday on Nasdaq.
(Reporting by Arup Roychoudhury in Bangalore; Editing by
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