Google stock tops USD600

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Posted: 2007-10-09 00:00:00+05:30 IST
Updated: Oct 09, 2007 at 1136 hrs IST

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New York, October 9:: Google's stock price burst the USD 600 barrier for the first time after favourable reports on its business potential stoked investor appetite for its already pricey shares.

The Internet search giant's shares closed up 2.6 per cent

at USD 609.62 after smashing through USD 600 in morning

trades on Monday. Its share price has now been multiplied by

seven since its debut just over three years ago.

It latest price gains came after analysts at Bear Stearns, a Wall Street investment bank, said in a research report on Friday that Google's stock could soar to USD 625 by the end of the year.

The analysts said Google is continuing to gain market share in the highly competitive online search marketplace.

They believe Google's stock price could strike USD 700 by the end of 2008.

Other industry analysts are also ratcheting up their expectations for the Mountain View, California, based technology firm.

Analysts at Nollenberger Capital Partners said in report, also released on Friday, that Google has been performing so well that it's prior earnings estimates for the company were likely too conservative.

"Beyond the near term there remains a wealth of untapped opportunity for Google in both the mobile advertising arena as well as in display advertising," the Nollenberger analysts wrote.

The upbeat assessments could not have come at a better time for Google which is due to release its third quarter earnings on October 18.

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