AmTech Research lowers their GOOG tgt to $410 from $480 and cuts their ests to reflect slower growth and greater headwinds from a stronger dollar, partially offset by lower hiring assumptions. They say to think GOOG is going to $200 one has to assume negligible growth next year and that the multiple will break 10.5x pro-forma or 12.5x GAAP earnings. For the $400 scenario to play out, they say the economy would have to find a bottom in mid-late 2009 and with the stock garnering a 20x multiple on depressed 2009 pro-forma earnings. They think this is the more likely outcome.
Learn more about Google stock trading