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Get Four
|  | FEBRUARY 24, 2005
 WORD ON THE STREET RBC Capital Downgrades Google Analyst Jordan Rohan sees a percentage decrease in pricing across the domestic Google network RBC Capital downgrades Google (GOOG ) to sector perform from top pick. Analyst Jordan Rohan says mid-quarter channel checks confirm double-digit percentage sequential decrease in pricing across the domestic Google network, with volume up slightly from the fourth quarter. He believes this significant (negative) inflection point after phenomenal fourth-quarter. He notes one area of softness is retail and e-commerce, as traditional retailers "reset their max bids" to more rational levels after experimenting in the fourth quarter. Rohan cuts his $729 million first-quarter revenue estimate to $686 million. He cuts his $4.20 2005 earnings per share estimate to $3.92 and $5.20 2006 to $4.94. He cuts his $250 target to $200.  All of the views expressed in this research report accurately reflect the research analyst's personal views regarding any and all of the subject securities or issuers. No part of analyst compensation was, is or will be, directly or indirectly related to the specific recommendations or views expressed in this research report. Standard & Poor's Regulatory Disclosure Any advice, analysis, or recommendations contained in articles labeled "Insight from Standard & Poor's" reflect the views of Standard & Poor's, which operates separately from and independently of BusinessWeek Online. It is possible that BWOL may from time to time publish information that is not consistent with advice, analysis, or recommendations that are published by Standard & Poor's. Standard & Poor's and BusinessWeek Online are each units of The McGraw-Hill Companies, Inc.
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