Google Inc shares fell as much as 8 percent on Tuesday after a U.S. industry report published this week showed a decline in a key measure for how Google gets paid by advertisers.
Wall Street analysts said the sell-off was accelerated by brokerage profit and price target downgrades after the report.
UBS analyst Benjamin Schachter cut his 12-month target on Google from $650 to $590 -- a new low among bullish Wall Street analysts -- and warned that international growth, including in Britain, Google's second-largest market, was a concern. BMO Capital also cut its stock price target to $590 from $690.
Shares of Google tumbled as low as $446.85, down $39.59 or 8.1 percent, in Nasdaq trading on Tuesday. By midsession, the stock had recovered somewhat to $453.98. The stock is off nearly 35 percent so far this year, amid a sharp decline in technology stocks in the face of recessionary economic fears.
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