Google: Is The Street Now Too Bearish?

Analysts covering the Internet sector continue to jockey for position ahead of Google’s (GOOG) Q1 earnings report, which is due after the close on Thursday.

As I noted in a post yesterday, there is no clear agreement on what the numbers will look like; after a recent round of estimate cuts, the Street now seems to be wondering if maybe it went too far. I would note that GOOG shares have rebounded 44 percent off the November lows, so there is some risk that even a strong quarter will trigger a round of profit-taking, not unlike what happened in Intel (INTC) shares today. (Although I would also note that, unlike Intel, Google doesn’t ever provide any forward earnings guidance.)

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