Michael B. Krause

ComScore: The Google Fallout

This just points to how irrelevent factoring in only US click data to determine google valuation is.

The comscore data will be useful for macro trends. If click data is down 10% q/q from comscore, I'd trust that as a general guide.

But more than half of revenues are from the international sources, so good points.

That said, $25 for next year gives you a forward PE of 21. Considering that lines up with growth #s of 20%, this is a fairly valued stock. If google gets yahoo's clicks, pop another $5 onto earnings and you have a $600 stock.

That said, I don't think there's much upside beyond that unless they find a way to monetize the developing world more aggressively.