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SMF Blogs > Stock Upgrades & Downgrades > January 2009 > GOOG Google: Additional details of Merriman upgrade

GOOG Google: Additional details of Merriman upgrade

As mentioned earlier, Merriman upgraded GOOG to Neutral from Sell. The firm notes that two months ago, they believed that the consensus estimates for 4Q08 and FY09 were too high; however, expectations came down and now are in-line with their estimates.

They say Google also began to slow its capex spend and hiring, and trim back on its G&A costs, which should improve margins.

The firm's checks also indicate GOOG increased its ad coverage in 4Q, which increased click-through rates on ads. However, they do not believe that was enough to offset the weakness in search volume and CPCs, and unfavorable F/X changes.

They would stay on the sidelines until they gain better visibility into FY09.

 
 
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Posted: 1/6/2009 8:11:03 AM by StockMarketFunding | with 0 comments


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