Investors stampeded in the opposite direction: Google shares today lost seven percent of their value, or about $13 billion in market capitalization. They're 15 percent off their highs, and they dipped below $400 for the first time since last November. Has that scared off analysts? Hell, no! Look at some of the price targets from analysts surveyed by The Wall Street Journal (subscription required):
- UBS's Benjamin Schachter downgraded Google to Neutral from Buy, lowering his price target to $425 from $500.
- Stifel Nicolaus's Scott Devitt maintained a $400 Fair Value estimate.
- Harris Nesbitt's Leland Westerfield lowered his price target to $513 from $545.
- Prudential's Mark J. Rowen raised his price target to $500 from $400.
- CIBC's Paul Keung put his target price at $520.
- Bear Stearns' Robert S. Peck kept his Outperform rating and target price of $550.
- And the most bullish of all, Piper Jaffray's Safa Rashtchy, has an Outperform rating and a $600 price target on Google.
— Richard Martin, Senior Editor, Unstrung