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UPDATE 1-RESEARCH ALERT-Jefferies cuts Google price target
November 13, 2008 / 12:50 PM / 9 years ago

UPDATE 1-RESEARCH ALERT-Jefferies cuts Google price target

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Nov 13 (Reuters) - 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 advertising.

“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 Amitha Rajan) (arup.roychoudhury@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: arup.roychoudhury.reuters.com@reuters.net))

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