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Alphabet’s stock was down as much as 2.2% as Canaccord downgraded it to hold.
In a research note published Thursday, Canaccord said a lot of Alphabet’s growth in mobile search and YouTube “will be hard to repeat.” But, like most analysts, Canaccord has a $1,000 price target for the stock.
Canaccord also says Alphabet will continue to perform well in the short term.
“We think this year is fine, and next year has a very good chance at achieving sentimental 20% Google Properties growth level,” the note reads.