It goes like this: earning will be revised up to $10 this year. Apply a conservative growth of 30%, with a PEG-ratio of 2 we get a $600 target. (I've borrowed from Cramer here).
The stock were trading close to $450 after hours. At $438 it is a dissapointment, the stock is getting affected by the 1.2% decline in the Nasdaq 100.
Google is a high beta stock (although Yahoo Finance says 0.1, which must mean a really low correlation with the market (as it is not lacking volatility). Will check this number another time). If the market turns ugly, it will not be fun to own Google.
Staying long.
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