Google downgraded to market perform by BMO Capital
NEW YORK (MarketWatch) — Google Inc. was downgraded to a market perform rating from outperform by BMO Capital Markets on Monday, with an unchanged target price of 0. BMO cited a change in investor sentiment “as the market becomes comfortable with cost-per-click declines,” analysts said in a note. “This makes it a less compelling opportunity for value investors, and we also believe the benefit of growth investors rotating out of [Apple] in recent months could begin to abate.” Shares were down 0.8% in pre-market trading.
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