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Technology Stocks : Alphabet Inc. (Google)
GOOGL 319.52+1.2%Dec 3 3:59 PM EST
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From: djia1013622/10/2006 4:07:15 PM
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"We continue to believe Google faces considerable risks, including click fraud, mounting competition and the absence of revenue diversification," Kessler says. He also cut his price target for Google to $390 from $420.

The decline hasn't been enough for analyst Philip Remek of Guzman & Co. to change the sell rating he put on Google last year. He is now the only analyst who urges investors to unload Google shares, on which he has a target price of $310.

In an interview, Remek says he remains convinced he's made the right call.

"I still think it's overvalued," he says. "It's not as overvalued as it used to be. I don't look so crazy anymore."

Remek and other Google skeptics point out that Google must sustain hyper-growth rates to justify the multiple. Though Internet advertising spending continues to rise, that money may not all go to the search market, Remek says.
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