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April 7, 2007
Wall Street Analyst Downgrades Google, Mentions Powerset
As reported by Eric Savitz on Barron's Blog:
On April 3rd, Trip Chowdry, of Global Equities Research, downgraded Google (GOOG) to Neutral from Buy, and set a price target of $425, nearly 10% below the current price.Among several reasons (including Youtube legal and revenue issues and Moritz leaving the board), he says the company is losing the technology lead in search to the start-up PowerSet, and that Google could lose talent to the newcomer.
Trip does note that Powerset has not yet launched. And he is known for being contrarian. I would certainly not bet against Google's stock continuing to rise for a long time. But I do agree with Trip that the potential for a disruption in search technology (the shift to natural language search being one example) shakes up the game and makes Google's long term dominance at least a little less certain.
My Powerset cofounder Steve Newcomb blogs about this as well.
Posted by barney at April 7, 2007 7:47 PM
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