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Shares of Google Inc. rose Thursday, after six days of steady declines, as investors shrugged off the first downgrade of the stock in nearly two years.
The stock added $14.64, or 2.7 percent, to $563.34 in morning trading. The last time the stock closed up for the day was Jan. 14, when it hit $653.82.
Stanford Group analyst Clayton Moran downgraded the online search engine to "Hold" from "Buy," citing slowing e-commerce and search volume growth as well as a slowdown in the global economy.
"Google faces economic risks associated with the overall macro environment and its effects on consumer spending," Moran said in a client note. He also cut his price target to $615 per share from $735 per share.
And while advertisers may still be using Google's services - advertising comprises a large chunk of the Mountain View, Calif., company's revenue - a pullback in consumer spending and a drop in global search volumes growth may limit the number of clicks on each ad, Moran said.

Labels: GOOG, Google Inc.