Google: Price Targets Up, But $1,000 Still Mine

People are increasingly screwy about Google’s near-$1,000 share price. The latest example: The hoo-ha over a Bernstein analyst upping his target on the stock from $720 to $850.

Sure, $850 is a big number, but it’s not that much of a deal to go from $720 to $850, an 18% increase on a stock that has run twice that much over the last few months. Further, GOOG had already pretty much hit the lower target, and, like the rest of the street, the Bernstein is essentially playing catchup.

My take. This is another reminder of the futility of long-term price targets on a fast-moving stock. Analysts look silly, repeatedly resetting one-year price targets, like meteorologists caught by an unexpected Santa Ana.

And me? I’m sticking to my $1,000 GOOG price target, posited months ago — to much scoffing — on one of my CNBC appearances.

Related posts:

  1. Google: Price Targets Inching Toward $1,000
  2. Google Price Targets Creeping Upward
  3. The Essential Stupidity of Price Targets
  4. Google Confounds the Amateur Stock Pundits
  5. Google in 2006: The First Down Year?

Comments

  1. Mike B says:

    Google is spiking up scarily into a US recession when most of their advertising is very consumer dependent. Looks very much like Yahoo over late 1999/early 2000. Maybe we’ll see a spike up to $1000 before it cracks back down to $400 or so next summer.

  2. Okapi says:

    You are Walter Piecyk reincarnated.