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The Ratings Game: Google’s Alphabet downgraded amid FANG stocks’ selloff

Shares of Alphabet Inc. slumped 2.1% Thursday, after the stock was downgraded to neutral from buy at Canaccord Genuity.

The downgrade of Alphabet GOOG, -1.82%GOOGL, -1.82% is based on the theory that the company’s growth levels are unsustainable, particularly as the company’s current growth is seen coming from increased ad load. The downgrade comes amid a continuing selloff of technology stocks, with Canaccord analyst Michael Graham pointing to growing concerns over valuation among the large-capitalization “FANG” stocks.

On Alphabet, Graham said he believes the company’s ad load, particularly on mobile search and YouTube, has helped the company achieve revenue growth in the past two years.

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