Morgan Stanley Raises Google Price Target By $30
Global financial services firm Morgan Stanley has a lot of confidence in Google. This morning, the organization added Google to its "Best Ideas" list, and also upped its price target on the search giant by an impressive $30.
That second change takes the price target Morgan Stanley’s established from $700 to $730 and signals some high expectations. Google’s stock was at $578.36 this morning before the market opened, meaning the $700 target already required an increase of 21.0 percent.
Now, in order to hit $730, the value of Google’s stock will have to soar by 26.2 percent.
That perhaps brings us back to the "Best Ideas" list. Morgan Stanley isn’t making a wild guess or even relying on historical info. The firm explained when it launched the list last year that chosen companies must boast "[a] differentiated out of consensus money-making idea with fresh data and analysis."
Also, it’s necessary that selected corporations have "[a] favorable risk-reward ratio" and "[c]lear catalysts."
So – although we’re in no way trying to give investment advice – maybe look for Google’s stock to hit $730 in the not-too-distant future. It’s already risen to $590.65 this morning, when makes for a good start.