Evercore ISI lowered its price target on Google (GOOGL) before the opening bell on Thursday. Here’s what the move means for mutual fund investors.

Inside the Analyst Move

Evercore ISI analyst Ken Sena lowered his price target on Google from $725 to $675. This new price target suggests a 35% from the stock’s current price. Despite the price target cut, the analyst maintained a “Buy” rating on the company.

According to the analyst: “As Google moves in the direction of personalization, the potential for lower traffic pricing and higher data intensity must be factored,” Sena said. “In doing so, our 4Q14 EBITDA estimate falls by 3% to $7.36bn, or 39% and 50% as a percentage of gross and net revenues. For 2015, we are similarly lowering EBITDA margins by 250 bps to 49.3%, or down 6% to $31bn (+17% y/y). Flowing these estimate changes through to our DCF points to a $675 target, still showing strong upside from its recent $500 level.”

Growth Concerns Remain

Google’s search engine growth has been slowing due to competition from companies like Facebook (FB). While the company is lacking near-term catalysts, Google is trading at a decent valuation (17x 2015 earnings estimates) and has a lot of cash. There are some concerns for Google, but we are remaining positive on the company.

Mutual Funds to Watch

For investors seeking exposure to Google, the mutual funds below may be good options. These funds currently hold the largest stakes in the company.

The Bottom Line

The funds above may be ideal for investors seeking exposure to Google, but would prefer not to purchase the stock. Investors interested in Google may also be interested in Apple (AAPL) and Microsoft (MSFT).