NEW YORK (Reuters) - Morgan Stanley analysts downgraded Google Inc shares to "equal-weight" from "overweight" on Friday, citing an expected decline in margins in this year and the next.
The brokerage said the overall consensus is currently "too optimistic" on the net revenue contribution of Google's newer businesses. It expects a decline in EBITDA margins in 2011 and 2012.
The stock fell 2.1 percent to $535.28 in early trading.
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