Tech Stock Update
GoogleGOOG is really looking good. Shares of the search giant hit record highs Tuesday, closing up $2.84 to $530.26. The stock is also up about 15% year to date, roughly double what the Nasdaq has gained over the same period. The search giant continues to win fans on Wall Street. And while the stock has long been a favorite there, even more hardnosed analysts are now finding unexpected reasons to back the company. That, combined with signs of turmoil at competitors such as Yahoo!YHOO and MicrosoftMSFT, means that Google could be poised for even bigger things. Just this week, Google saw three bullish calls by analysts. But while those issued by Oppenheimer and Bernstein research tread on well-worn ground -- Internet advertising is growing fast, and the DoubleClick acquisition will make Google a player in display advertising, respectively -- the call by JMP Securities is more persuasive. Analyst Bill Morrison saw through the run-up in Yahoo! shares earlier this year and issued a cautious report on the company, ahead of first-quarter results, that caused shares to sell off sharply. But on Monday, Morrison raised his price target for the stock to $625 from $580. With a median price target of $600 among Wall Street analysts -- meaning that just as many peg the price higher as lower than that -- the move swings Morrison from the conservative to the optimistic spectrum on the stock.
| With analyst consensus at $600 for Google, how high do you think the stock can go here? Answer Here |
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