The Buzz

All markets and investing news all the time

Google's next target: $1,000

February 21, 2013: 12:53 PM ET

Google's stock hit an all-time high of more than $800 this week, and it may be headed even higher, according to the sharpies on Wall Street.

Google (GOOG) shares are on track to reach $1,000 at some point over the next 12 months, according to analysts at CLSA, a division of Credit Agricole. That's a hundred bucks higher than their previous target.

Bernstein Research analysts also hiked their price target to $1,000 a share, up from $820.

Deutsche Bank was slightly less bullish, if you consider $935 less bullish. That's 10% higher than their previous target.

Google's been on a tear this year. Shares are up 13% only two months into the year.

Related: Google tops $800. It's the new Apple

On Thursday, Google was trading at about $799 a share. If the analysts are right, investors who buy Google at the current price stand to gain more than 25%.

Bernstein analysts say Google will benefit from increased use of smartphones and tablets, which should translate to growth in advertising revenue. They also argue that YouTube is "an underappreciated asset."

CLSA analysts also see Google cashing in on mobile advertising, as the search engine operator implements its new ad management system, Enhanced Campaigns.

But traders on StockTwits were not so sure. The bullish reports could be a contrarian sell signal, according to a few posts.

Macke
Every $GOOG upgrade makes me throw-up in my mouth just a little bit. I'm about to start doing the same to some of my shares...

STOCKMARKETCADDIEcom
$$$GOOG 1000 dollar upgrade curse....time to get the hell out...

Still, Google has been enjoying a moment in the sun as Apple falls from grace.

The erstwhile king of tech stocks, Apple has seen its share price fall by a third since it hit an all-time high last year.

daytradingshrink
$GOOG ut oh... $AAPL, the stinkmonkey of the stock market is turning positive? bad news for shorts...

ivanhoff
$GOOG is the new safe haven

In addition to not being Apple, some traders were excited about other products Google has in development, including its "project glass" virtual reality glasses.

Commodity_Bull
$GOOG Glass is getting a lot of attn, and rightfully so. Do you see yourself wearing it, esp if you already wear glasses?

At least one outspoken trader does not.

AtlantaTwerps
$GOOG glasses if your H3 hummer doesnt scream a**hole these will do the trick....

Posted in: , , ,
Join the Conversation
Fear & Greed
Sponsored by
About This Author
Ben Rooney
Ben Rooney
Staff writer, CNNMoney

Ben Rooney is a staff writer for CNNMoney. He covers the European debt crisis and other international finance stories, in addition to writing about stocks, bonds, investing and other Wall Street-related news. Follow Ben on Twitter: @ben_rooney

To view my watchlist

Not a member yet?

Sign up now for a free account
Stupid Stock Move of the Day
#StupidStock Move of the Day! $YHOO up 4%. Had 3% pop yesterday. Did @marissamayer quit $GOOGL just to sell to Alibaba? Not sure about that.
Powered by WordPress.com VIP.