Search Leader's Newest Beta: Google Early Retirement
Seven hundred dollars. What a nice, big, round number that is. Nicer still if you happen to be a Google shareholder. Because this morning Google’s stock passed the $700 milestone for the first time, hitting $707.
Astonishing. Since mid-September, Google’s market cap has increased more than 30%, reaching $220.68 billion. Which, as Silicon Alley Insider’s Henry Blodget notes, makes it the fifth most valuable company in the U.S. How long until it’s the fourth? Or the first? How long until GOOG is trading at $2,000 a share?
Perhaps not that long at all. Dinosaur Research’s David Garrity put a fresh $985 target on the company this morning, figuring 48 times 2008 earnings. His justification? The mobile ad market. “To the extent that advertising media distribution channels are being transformed by emerging technologies with the possibility that mobile advertising may ultimately become more significant than the current broadcast channel in spending terms,” Garrity writes, “GOOG, in effectively penetrating the walled garden that wireless communications services have been until now, is securing a strategic technology provider role that will allow it to meaningfully shape the progression of development in the space.”