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Google may not be as great a bet as it once was, according to a Citi analyst.  Mark Mahaney believes the company is in pretty decent shape, though, and despite lowering his target by $25 (to $625), is standing by his "buy" rating.

Google's Stock Chart

"We believe the long-term growth opportunity for Net Advertising & Search is still well intact," said Mahaney.  Henry Blodget reports that he also pointed out, "Google is clearly taking share in Core Search."  And indeed, it's hard to imagine that the company running a site many of us visit 10 (or 100) times a day could get hurt too badly.

As an added bit of comfort, anyone who wants to "think happy" should be glad to hear that Mahaney and his Citi associates weren't forming opinions in a locked room.  Mahaney stated, "Based on exchanges with over 40 search industry participants - including several key SEM agencies at this week's SMX Conference - we do not believe Google's Paid Leads have descended to a No Growth Level."

Still, the Nasdaq lost 0.94 percent of its value yesterday, and today, an additional 2.58 percent.  In this sort of market, it's hard to feel sure about anything, and even harder to feel positive.  Blodget, for example, responded to some of Mahaney's comments with counterpoints, and characterized the overall tone as "optimistic."

Believe what you want.  We're becoming fans of the money-stuffed mattress approach to investing.