Search giant Google (GOOG: sentiment, chart, options) finds itself in the news today, as it announced that it and a group representing book publishers have reached a settlement in a dispute involving online access to copyrighted books. In a statement, GOOG and the group announced that the deal would expand online access "to millions of in-copyright books" and other written materials from major U.S. libraries participating in the GOOG Book Search Project. In addition to this news, Credit Suisse decided to weigh in on the search behemoth, rating it at "outperform" with a price target of $400. As a result of this mix of news, GOOG is nearly 2% higher on the day.

I'm glad that Credit Suisse thinks GOOG can hit $400, because I don't. The 400 level is right where GOOG's 10-week moving average resides, and the stock hasn't topped this trendline since June 2008. Furthermore, GOOG's 10-month moving average recently completed a bearish cross of its 20-month counterpart. This technical formation often suggests that further downside is in the cards. If that is the case, then a $400 price target is rather ambitious.