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Amazon, Google Wake Up To Downgrades

Google (GOOG) ($667.97 vs. $669.97 on Nov. 12) moved sideways to down between Tuesday's close and the close on Black Friday, was up $2.10 from Wednesday's close. This was enough for the stock's projected 12-month gain to fall to 4.01% and hence the downgrade to hold from buy rating according to ValuEngine. Google's fair value is $623.97 so the stock is 7.05% overvalued. Google's 12-month forward P/E from Wall Street analysts is elevated at 18.17.

The daily chart for Google is neutral needing a close above the 21-day SMA at $669.40 to shift to positive. The 200-day SMA at $639.78 held on Nov. 16. My weekly value level is $624.04 with my monthly risky level at $679.57 and quarterly risky level at $713.85.

Chart Courtesy of Thomson/Reuters

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