Google Slides To 13-month Low On Target Cut

Shares of Google Inc. slid 1.5% to a 13-month low Tuesday after J.P. Morgan analyst Doug Anmuth cut his estimates on Google and lowered his price target to $600. While he maintained his overweight rating on the stock, the analyst said he trimmed fourth quarter, fiscal 2015 and 2016 estimates to reflect slower organic growth. To a lesser extent, he also cited the continued strength of the dollar. Shares of Google were off 1.3% to $508.99 recently, pushing them to their lowest intraday levels since early November 2013, adjusted for an April 2014 two-for-one stock split.