Google Shares Fight Off Downgrade to Close Up 0.56%
Stifel Nicolaus analyst Jordan Rohan downgrades Google’s (NASDAQ:GOOG) stock from Buy to Hold, indicating “the strategic position of Google is weakening” according to Forbes. Rohan feels that the pending acquisition of Motorola Mobility (NYSE:MMI) may distract upper management, causing them to ineffectively protect Android and lead them into the mobile phone hardware business while taking away from their already slipping Internet hold.
“The Internet’s center of gravity is shifting from Google to Facebook,” states Rohan He adds that “Android’s emergence continues to be remarkable, but the monetization of mobile click inventory for Google remains challenging.”
Google’s stock (NASDAQ:GOOG) is up 0.56% to $504.70. In the past year the stock is down 8.93% with a 52-week range of $473.20 to $642.96.
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