Investing
That Was Fast... S&P Upgrades Google After Fresh Downgrade (GOOG)
Published:
Last Updated:
S&P Equity Research came out with a controversial downgrade of Google Inc. (NASDAQ: GOOG) last week. The equity research outfit cut the rating to “Sell” based upon the new outlook for the combination of Motorola Mobility Inc. (NYSE: MMI) and Google. The price target was cut down to $500 from $700 after the prior “Buy” rating was removed. This morning came news that S&P Equity Research was now changing that “Sell” rating to a mere “Hold” rating.
We won’t bother with the details of the old call as you can read it above at the link. What happened is that it only took six days for the call to reach its fruition. Google shares closed at $563.77 on the Friday before the Motorola deal was announced, then at $557.23 on Monday, and then down at $539.00 on Tuesday. Shares traded briefly under $495.00 earlier today after having closed at $490.92 on Friday.
$495 < $500… Mission Accomplished!
The good news is that S&P Equity Research did not press its bet and say that in the new market and in the new economic outlook that Google is worth even less than what it considered a week ago.
This hardly represents much of an upgrade. Still, at least one less “Sell” rating will be of comfort to the bulls.
Google shares are up 1.5% at $498.30 in mid-afternoon trading.
JON C. OGG
Is Your Money Earning the Best Possible Rate? (Sponsor)
Let’s face it: If your money is just sitting in a checking account, you’re losing value every single day. With most checking accounts offering little to no interest, the cash you worked so hard to save is gradually being eroded by inflation.
However, by moving that money into a high-yield savings account, you can put your cash to work, growing steadily with little to no effort on your part. In just a few clicks, you can set up a high-yield savings account and start earning interest immediately.
There are plenty of reputable banks and online platforms that offer competitive rates, and many of them come with zero fees and no minimum balance requirements. Click here to see if you’re earning the best possible rate on your money!
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
