No, no-one has come to that conclusion. Whether one is in a booming market, or a recession, the valuation of a stock has to be considered. In the case of google, 32 out 34 analysts have taken that valuation into consideration.
The fact is that most people have learned the lesson of a bubble market, and no one buys stocks into P/E's of 2000 anymore. The reason why Google isn't higher, into the 10,000 region is precisely because of this reason, because in the days of the bubble with splits, Google would easily be with a P/E of 2200.
Instead we have a stock that has a P/E of 50, a forward P/E of 34 with about 20 Billion cash on board. No wonder the institutional investment is 82%, and 32/34 analyst recommend the stock with targets of 900. The fact is, during down days, Google appears to be a haven.