In a report released Wednesday, Topeka Capital analyst Victor Anthony reiterated a Buy rating on Google (NASDAQ:GOOGL) and slightly reduced his price target to $660 (from $700), ahead of the company’s fourth-quarter results, which will be reported next Thursday, January 29, after the close.

Anthony commented: “We have trimmed our estimates to reflect FX and decelerating search trends per results from RKG. We expect results in-line with our estimates. There are several investor concerns on the stock: European regulatory, ad share losses to social media, investments pressuring margins, elevated capex, loss of Firefox/eBay, potential loss of Safari, vertical app search, and lack of identifiable catalysts. Vertical search is the only one that points to a fundamental challenge, in our view, and one we think GOOG could overcome.”

The analyst added, “We maintain our view that GOOG should consider a capital return plan and we are encouraged to learn that the CEO met with investors recently.”