UBS analyst Benjamin Schachter commented on Google's inadvertent linking to PowerPoint presentation slides earlier this week.

Among other things, the slides reference Google's advertising business growing "from $6 billion this year to $9.5 billion next year based purely on trends in traffic and monetization growth", which imply 58% gross advertising revenue growth.

The slides also say that "AdSense margins will be squeezed in 2006 and beyond " and "commoditized over time."

"Unfortunately, we think investors will focus on the revenue target as a de facto guidance number, despite the fact that the company does not provide guidance," said the UBS analyst.

Another comment in the slides that's likely to interest investors is the text about AdSense margins being squeezed.

"Overall we think the $9.5 billion number implies a net revenue number of about $6.5 billion, which is roughly in line with current consensus estimates," he said.

As a result of the snafu, Google released an 8-K in which the company makes clear that the information contained in the slides was inadvertently included and should not be considered guidance, the analyst said. The 8-K says the slides were for an internal product strategy presentation.

The analyst maintained a "neutral" rating and price target of $425 on Google shares.