NEW YORK (TheStreet) -- Shares of Google (GOOGL) are slightly up 0.45% to $530.39 in early market trading Thursday, as analysts at Citigroup issued a note on the global technology company this morning on the possibility of losing the contract with Apple (APPL) as its default search engine for the mobile Safari browser, set to expire in 2015.
Citi analysts said Google's shares at current levels are largely pricing in the potential loss of its default search agreement with Apple's mobile Safari browser.
Citi also noted that Google has underperformed its Internet index since mid-October, but maintained its "buy" rating with a $652 price target.
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Citigroup says investors are increasingly concerned after Apple recently switched its mobile search provider for Siri and Spotlight to Microsoft's (MSFT) Bing from Google.
Separately, TheStreet Ratings team rates GOOGLE INC as a Buy with a ratings score of B+. TheStreet Ratings Team has this to say about their recommendation:
"We rate GOOGLE INC (GOOGL) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures, reasonable valuation levels, good cash flow from operations and expanding profit margins. We feel these strengths outweigh the fact that the company has had sub par growth in net income."