Shares Go Up For Google
ADOTAS – Premarket trading on Monday showed a boost in shares of Google, according to a report in the AP. This came after an analyst from Citi Investment Research upgraded the search engine to “Buy” from “Neutral.” Mark S. Mahaney downgraded the stock in mid-April, but the stock price has declined since, even though revenue has grown 28 percent.
He was quoted in the AP to say the stock price value “has become more attractive as estimates have increased while its share price hasn’t.” This “is essentially the dip we have been looking for,” Mahaney said.
The downgraded was originally contributed to the growing influence of Facebook. Google’s shares have gone up 2.7 percent to $578.08 in premarket trading on Monday. The stock closed at $563 on Friday, down almost 4 percent since the start of April.
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