Another Huge Price Target Boost for Google
The Internet analyst folly on Wall St. continues. On Monday came yet another higher price target for Google Inc. (NASDAQ: GOOG) as RBC Capital Markets has raised the Google stock price target objective to $950 per share from a prior $840 price target, based on higher earnings growth over the next three-year period.
Also cited were cost-per-click trends, improving trends in the international segment and a real monetization of YouTube. RBC even called Google one of its best ideas from the research team. While RBC has just maintained an Outperform rating, it is not as high as prior price targets.
It was just on February 21 that both Bernstein and CLSA raised their respective Google share price targets up to $1,000. Bernstein previously had been at $820 and CLSA at $900. That being said, this new jump to $950 from $840 sounds high, but relatively speaking it is not as bold nor as wide as it seems.
The closing price before the prior two $1,000 analyst calls was $792.46 for Google stock. Friday's closing price was $831.52, and the highest close last week was $838.60. Google shares are up more than $7 at $838.55 this morning on the news. Maybe the curse of the $1,000 stock is not as big of jinx as it might seem.
Filed under: 24/7 Wall St. Wire, Analyst Calls, Internet, Technology, Technology Companies Tagged: featured, GOOG