Click Fraud not an issue that could hurt Google according to analyst ?!

It's surprising to me that any analyst would not think click fraud is an issue that could hurt Google.

SG Cowen analyst Jim Friedland today said:

'There are a number of issues that could hurt Google, but we believe click fraud is not one of them,' said Friedland. 'We continue to expect near-term sentiment to be negative and the stock is likely to go down on this news item.'

The settlement is a good first step, but there's still future fraud and international suits that are out there. . .