Google stock hit an all-time high at 1:30 p.m. today, the second day after Google reported that it nearly doubled revenue over a year ago. Just after lunch, GOOG went as high as $483.13. Analysts predict this is just the beginning.
By the end of the year, the price is expected $500 share, which analysts had expected last winter before Google, due to taxes and foreign exchange rates, missed its estimates for 4Q 2005. That miss dropped Google from $475 to $330 in March.
Some analysts are new believers, reluctant a year ago to be too Pollyanna about Google's future, in the idea put forth by their colleagues that, even in the upper 400's, the company was undervalued.
The optimists predicted $600 per share, and they're doing it again this year. Citigroup, Goldman Sachs, Prudential, Merrill Lynch, UBS, WR Hambrecht, and Stifel Nicolaus are all upping their price targets.
The sudden spike in value makes Google's market capitalization at $148 billion, which places the company above Cisco, Vodafone, IBM and AT&T. Worse for rival Yahoo!, it puts Google to nearly five times the value of Yahoo.
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Jason L. Miller is a staff writer for WebProNews covering technology and business.
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