It wasn’t long ago that speculators were predicting a $600 price for Google shares. Now they’re off 24% from the peak of $475, and naysayers are talking of a further 50 percent decline.

Reuters says: “Shares of Web search leader Google Inc., off 24 percent from highs set last month — could face a further 50 percent decline, Barron’s said in the financial weekly’s February 13 edition. Barron’s scenario for a fall in Google’s stock is based on speculating about what may happen if mounting competition or fraud by users of its Google’s ad-buying system led to a 20 percent shortfall in bullish analysts’ 2006 revenue estimates.”

We doubt it will be as bad as that, but the Google guys are going to have to find a new source of resilience to add to their undoubted innovatory strengths.