Bambi Francisco of CBS Marketwatch has a frothy piece implying that there remains a supply-demand imbalance in Google shares, and that could mean a much higher Google share price real soon now — make that much, much higher:
Institutional investors have been on the sidelines and can’t get enough of the few Google shares that are out there.
And, unfortunately for them, they can’t risk not being in this stock if they want to keep pace.
Do I hear Google $400?
She is alluding, of course, to ex-analyst Henry Blodget’s infamous stretch target for Amazon.com in the expanding days of the dot-com bubble. But she asks a good question: Will some analyst break out and proffer that kind of gob-smacking wild-eyed target for Google, instead of the current 12% return stuff implied by over-cautious analyst targets?
Almost certainly. As we learned from the Amazon case, it is cheap career-making PR, a low-road move that is a guaranteed and cynical attention-getter.
So how can I resist? Google is going to $400.