Cannacord Maintains Buy Rating on Google (GOOG)
On the heels of last nights earnings miss by Google, Cannaccord is maintaining it’s Buy rating on the company, but is lowering their price target from $725 ashare down to $700 a share. The shares dropped significantly in after-hours trading last night, so we’re looking for a volatile couple of days for the market to figure out where the stock should be trading.
Google missed on their revenue in the 4th quarter, with expectations being $8.34B, but coming in at $8.13B, with much of the shortfall [possibly] coming from currency issues and fluctuations in the european market. The price target above is modelled at 16X earnings.
Cannacord reiterated Intel (INTC) at HOLD, due to expected PC demand dissappointment through 2012. The ‘street’ expected INTC to have $.64 per share in earnings, but they came in at $.61, a -5% surprise.