In Google We Trust Over $600 a Share (GOOG)

Google Inc. (NASDAQ:GOOG) shares topped $600 Tuesday and today it hit a new 52-week high of $617.99.
Welcome Google Inc. to the 'Over $600' Club, they aren't many of them, congratulations GOOG shareholders.

If only you sold the farm in March, picked up Google shares for $282 you'd be sitting on a pretty nickel (enjoy the images), why didn't we all do that for crying out loud, do your really Search the Web with anything but Google? Most of those analyst ratings back in October have already come true, and the $695 price target set by Jefferies back on Dec 14th now seems very reasonable.

Optimism among advertisers for fiscal 2010 amid improving macro environment is why Jefferies & Co. said "Buy" Google. "Our channel checks point to strengthening advertising, e-commerce environment and improving fiscal 2010 outlook, which bodes well for Google," analyst Youssef Squali wrote in a note earlier this month.

At that time online sales are up 3% from November 1 to December 6 of this year, supporting the prospect for a modestly positive growth in e-commerce this holiday season compared to a 3% drop last year, Squali said. Fellow investors, just wait until the full holiday shopping season is taken into consideration.

"Google, with its ability to cost effectively drive traffic to e-tailers, stands to benefit disproportionately." Over 65% of online ad budgets continue to go to 'search', with Google claiming the lion's share, the analyst said.

Keep in mind that if Google gets approval to buy AdMob for $750 million the internet giant will be King of mobile display ads which means, more and more revenue for Google. Try to find a reason not to believe the analysts, $600 is easy peasy for Google shares, let's look to $700. Move over God, in Google We Trust.

Analyst action on Google since October:

Disclaimer: No positions in any of the securities mentioned in this publication.