Google Rekindles Internet Fervor After Results
Google Rekindles Internet Fervor After ResultsGoogle Rekindles Internet Fervor After Results
Friday October 22, 10:13 am ET
By Eric Auchard
NEW YORK (Reuters) - Shares of Google Inc. (NasdaqNM:GOOG - News) jumped 13 percent to $167 on Friday after the Web search leader posted its first results as a public company, and one broker said the stock could hit $200, rekindling dot.com-era fervor.
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Prudential Equity Group analyst Mark Rowen repeated his "overweight" investment rating on Google and raised his price target for the stock to $200 from $130 after what he called "blowout" results. The $200 target could be 12 to 18 months out, he said in a note to investors.
The Google surge was an echo of the go-go investment era of the late 1990s, when former stock analyst Henry Blodget famously set a $400 price target on online retailer Amazon.com (NasdaqNM:AMZN - News) and saw the stock vault toward the target in a matter of hours.
After the research note, shares rocketed to $175 in pre-opening trading, up 17.8 percent from where it closed on Thursday before the company reported its third-quarter results. The stock was up $19.12 at $168.50 in early trading on the Nasdaq.
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