Is Google the Next Google?

The next Google (NASDAQ:GOOG) is Google, or so Morgan Stanley analyst Scott Devitt said when he added the technology giant to the firm’s “Best Ideas” list. And the company’s stock responded just as it has since Google’s disappointing third-quarter earnings report caused investors to sell out in droves — shares continued on their upward trajectory to a new high of $786.20.

Even though the company was hit with two analyst downgrades this week and a Neutral coverage launch by analysts at Sterne Agee, the stock was not stymied.

But Devitt’s opinion is not shared by all. Analysts at BMO Capital Markets downgraded shares of Google to a market perform rating from an outperform on Monday. But they left their price target unchanged at $790, less than five dollars above where the stock has been trading for most of Friday, indicating that analysts think the company is running out of room to grow.

In the research note, the firm cited a change in customer sentiment, stemming from the market’s acceptance of “cost-per-click declines,” as the reason behind the rating drop. “This makes it a less compelling opportunity for value investors, and we also believe the benefit of growth investors rotating out of [Apple] in recent months could begin to abate,” the analysts wrote…