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Analysts: Google Shares Will Climb to $1,000

Friday, 22 Feb 2013 09:28 AM

By Dan Weil

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Shares of Google, the Internet search king, soared to a record high of $808.97 Tuesday, and some prognosticators say full speed ahead to $1,000.

That would represent a 26 percent rise from Thursday’s close of $795.53

Analysts at Credit Agricole’s CLSA say the stock can hit $1,000 within the next year, raising their target by $100, CNNMoney reports. Bernstein Research analysts also lifted their objective to $1,000 a share, up from $820 previously.

Editor's Note:
Billionaires Dump Stocks. Prepare for the Unthinkable.

Those two firms make Deutsche Bank look like a laggard, even though it boosted its target 10 percent to $935.

The explosive growth of smartphone and tablet use will help Google enormously, sparking increased advertising revenue, according to the Bernstein analysts. They also view Google’s YouTube as “an underappreciated asset.”

The CLSA analysts say Google’s new Enhanced Campaigns advertising project will help the company cash in on mobile phone advertising opportunities, according to CNNMoney.

Morningstar analyst Rick Summer is a veritable bear as compared with the others, seeing fair value for Google at $740. But even he is excited about the company’s prospects.

“With a dominant Internet search product as its foundation, Google has built an impressive portfolio that individuals use frequently, beyond search,” he writes on Morningstar.com.

“These new products allow advertisers to reach out to potential customers multiple times, in multiple ways. Google's importance to the future of advertising has only just begun.”

Still, social media titans Facebook, Twitter and LinkedIn could pose a threat to Google on the ad front, and ultimately on the search side, Summer says.

Earlier this week, Google-watcher tech site 9to5Google.com reported that Google plans to open its own retail stores, similar in concept to the highly successful Apple retail outlets.

“Google feels right now that many potential customers need to get hands-on experience with its products before they are willing to purchase,” wrote Seth Weintraub, 9to5Google.com publisher and editor.

Google retail stores may be a logical idea, according to Forbes, as Google is already in the tangible hardware business, with its own smartphones, tablets and laptop computers.

Google currently has Chrome Store-within-a-store models in some Best Buy locations in the United States and in some U.K. electronics retailers.

CNET noted Google is still on the record as denying that a decision to open Google retail stores has been made.

Editor's Note: Billionaires Dump Stocks. Prepare for the Unthinkable.

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