Google: Lehman Trims Target, Estimates; Also Cuts Estimates on eBay, Amazon, Yahoo (Updated)

Douglas Anmuth, Internet analyst at Lehman, this morning trimmed his price target and EPS estimates for Google (GOOG) to reflect the strengthening of the dollar against the Euro and other currencies. Anmuth trimmed his 2008 EPS estimate to $19.21 from $19.46; for 2009, he goes to $22.41, from $23.52. He cut his price target to $600 from $620. However, Anmuth maintains his Overweight rating on the shares.

Anmuth says consensus numbers could come down further, ahead of Q3 results; on the other hand, he says the stock in the low $400s “should prove to be a compelling entry point.” According to Anmuth, “GOOG still appears better insulated” to macro softness than other in online advertising; it continues to gain market share “and should benefit from new search improvements and tighter cost controls.”

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