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Goldman cuts AVG (AVG -2.7%) to Neutral on valuation grounds, stating it sees "more attractive...

Goldman cuts AVG (AVG -2.7%) to Neutral on valuation grounds, stating it sees "more attractive upside in other names" following recent gains. Though shares only trade at 7x estimated 2013 EV/unlevered FCF, Goldman argues the valuation is justified given the risk related to Platform (search toolbar) revenue amidst a transition from Google to Yahoo, and CEO transition uncertainty. But it still thinks AVG will keep gaining share in the antivirus software market via its freemium model, and also sees growth for its Subscription Security and Tune Up ops.
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