Alphabet: shares hit by Canaccord downgrade.
(CercleFinance.com) - Shares in Alphabet fall 2.
5 per cent, hitting a one-month low, after Canaccord Genuity downgrades its rating on the stock to "hold" from "buy".
Canaccord - which keeps a 1,000 dollar price target on the stock - says analysis suggests firmly that consensus estimates on Google parent company are "too high."
"We think much of the growth over the past two years is due to ad load increases on mobile search and YouTube, which (...) will be hard to repeat," the Canadian brokerage firm writes in a note.
After an hour of trading, the stock was down 2.5 per cent at 944.7 dollars, compared with a 1.2 per cent loss for the Nasdaq Composite index.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
5 per cent, hitting a one-month low, after Canaccord Genuity downgrades its rating on the stock to "hold" from "buy".
Canaccord - which keeps a 1,000 dollar price target on the stock - says analysis suggests firmly that consensus estimates on Google parent company are "too high."
"We think much of the growth over the past two years is due to ad load increases on mobile search and YouTube, which (...) will be hard to repeat," the Canadian brokerage firm writes in a note.
After an hour of trading, the stock was down 2.5 per cent at 944.7 dollars, compared with a 1.2 per cent loss for the Nasdaq Composite index.
Copyright (c) 2017 CercleFinance.com. All rights reserved.