Google Hits New 52-Week High, $600 Level within Reach

Posted November 10th, 2009 by Frank Lara Jr
in

Google to $600 and Beyond The analysts covering Google Inc. (NASDAQ:GOOG) were right for once, the $600+ target price is getting closer and closer.  On Monday Google shares hit a new 52-week high of $562.58 and after-hours they only fell back to $562.40.
Last month a ton of analysts set $600+ target prices on Google shares, they were right on the money.

In the last three months alone Google shares are up 23% and now there's news the internet giant may may be paying $750 million in stock for AdMob.  According to MocoNews.net Google may be coming after 4INFO, HipCricket, Cellfire, SinglePoint, iLoop Mobile (ASX:LPM) or VeriSign, and why not, they have the cash. 

Last month Google's third-quarter earnings rose 27% to top Wall Street expectations as the Internet company recorded a return to sequential growth in traffic to its advertisers.

The week before and the day after Google reported earnings the analysts came out in force for a $600 target price -- care to prove them wrong?

16-Oct-09 Upgrade Benchmark Hold → Buy  
16-Oct-09 Reiterated UBS Buy $580 → $635
16-Oct-09 Reiterated Needham Buy $500 → $600
12-Oct-09 Reiterated Kaufman Bros Buy $520 → $600
09-Oct-09 Reiterated Credit Suisse Outperform $475 → $600

 

We'd love to buy Google on any chance of a pullback, but it just never seems to come.

 

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

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