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Is the Street still too optimistic on the near-term outlook for Google (GOOG)?

Rob Sanderson, the Internet analyst at Broadpoint.Amtech thinks so. This morning, he cut his rating on the stock to Neutral from Buy. Sanderson contends the Street EPS estimates for both Q1 and Q2 are too high; he says net revenue is likely to be down 5%-7% sequentially in the first quarter, and another 2%-4% in the second quarter. He notes that the Street consensus is for revs to be down 2% sequentially in Q1, then up 2% from there in Q2.