Google’s stock is slipping after a rare downgrade
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Alphabet CEO Larry Page.
Although most of Wall Street remains incredibly bullish on Google’s parent company Alphabet, a rare downgrade from Canaccord has caused the stock to dip a bit Thursday.
Alphabet’s stock was down as much as 2.2% as Canaccord downgraded it to hold.
In a research note published Thursday, Canaccord said a lot of Alphabet’s growth in mobile search and YouTube “will be hard to repeat.” But, like most analysts, Canaccord has a $1,000 price target for the stock.
Canaccord also says Alphabet will continue to perform well in the short term.
“We think this year is fine, and next year has a very good chance at achieving sentimental 20% Google Properties growth level,” the note reads.
Get the latest Google stock price here.
Read more stories on Business Insider, Malaysian edition of the world’s fastest-growing business and technology news website.
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