@KevinKelly：
The market reaction post-Q2 earnings demonstrated that Google's near-term headwinds had been reflected. But, Google must contend with more competition amid slowing growth in ads. YouTube's growth slowdown could be bottoming out soon before recovering. However, Google Cloud also needs to demonstrate profitable growth to compensate for slowing growth in advertising. We believe that the market has de-rated GOOGL, as it's unlikely to replicate its past 5Y and 10Y performance, justifying higher free cash flow yields. Notwithstanding, GOOGL is unlikely to see much further downside and is still a solid core holding for investors. Therefore, we reiterate our Buy rating.
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