Google Heads for the Moon

Choosing not to argue with inarguable success, analysts raised price targets en masse for Google Wednesday morning.

Led by firms such as American Technology Research and Credit Suisse First Boston -- each of which raised its target for Google's stock price to $275 -- analysts decided it was safe to assume that the fast-growing Google is growing even faster than expected.

With Google's shares trading at $214.02 Wednesday, up 11.5% from their Tuesday close, prior arguments about whether Google was overpriced at its $85 offering price or even at the pre-IPO suggested price of $135 seem hopelessly quaint, though they took place only a few months ago. Clearly, Google has delivered on expectations for growth, and then some. Despite Google management's warning Tuesday evening that future results won't necessarily be this ducky, the estimates that looked over-optimistic not so long ago look under-optimistic now.

Among the other firms setting price targets eclipsing the prior Street-high goal of $235 were Prudential, going from $200 to $260, and Goldman Sachs, going from $215 to $265. ...