Google Bandwagon Creaks On

"We continue to believe that the opportunity for Google is immense and that the potential is not included into the current stock price," wrote WR Hambrecht analyst Denise Garcia in a note to clients Wednesday. She maintained her buy rating on the shares but cut her 12-month target price to $455 from $480.

Some investors will no doubt wait to see if Google's shares will drop even further before deciding if they want to snap them up. But Stifel Nicolaus analyst Scott Devitt, who has one of the few sell ratings on the Google, is urging people to wait even longer.

"The bloom is off of Google, search is still a high-growth business long term and Google is the leader, in our view, but GOOG shares will likely face a period of consolidation as unrealistic expectations are tempered," he writes. "In our opinion, it's not time to become a holder yet, but certainly the shares are more attractive in the mid-$300s than the mid-$400s."