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By Adam Lashinsky

(FORTUNE Magazine) - Confused about whether the $100-plus plunge in shares of Google is a buying opportunity or a reason to flee the stock? You're not alone. Wall Street analysts are just as befuddled.

It felt very 1999 late last year when analysts slapped price targets of $600 and more on Google's shares, which peaked Jan. 11 at $475. Google (Research), in addition to its "Don't be evil" credo, also adheres to an investor relations policy of "Give no guidance." When earnings fell below expectations on the last day of January, investors panicked, sending shares as low as $348.

So where's the stock going next? Analysts basically are clueless. CSFB's Heath Terry raised his price target from $475 to $500, arguing that "given the company's rapid growth and the lack of guidance, [the weak results] do nothing to change our outlook." UBS's Benjamin Schachter cut his target from $500 to $425 and suggested to clients 17 questions he wished he had the opportunity to ask Google.

He may get his chance. Google hosts an investor conference March 2 at its headquarters in Mountain View, Calif. At last year's meeting, the company's executive chef spoke, but the CFO did not. Wall Street is definitely hungering for data this time around. Top of page

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