Wall Street Raises Google Targets
While technology stocks fell after the holiday weekend due to investors cashing in profits from a recent rally, Google received a boost from industry analysts.
The Nasdaq gained 7.6 percent for the month of May, its best performance since October 2003. A number of notable technology firms, like AMD and Symantec, performed well in trading and finished up higher at yesterday’s close.
But the big nudge was given to Google’s stock by Piper Jaffray, according to a Wall Street Journal report. Google, whose stock closed at a record $277.27 per share, saw Piper Jaffray acknowledge the company’s move into non-search services.
The analyst firm raised its target for Google from $275 to $300 per share. Google has recently launched such services as Gmail, My Search History, and an enterprise version of its Desktop Search tool ahead of Microsoft’s proposed tool.
David Utter is a staff writer for WebProNews covering technology and business. Email him here.