Google Stock Price Target: As we discussed earlier today, Bernstein has upped its Google Inc (NASDAQ:GOOG) price target to $1,000. The same holds true for CLSA.
This puts the search giant in rare company, joining two other high-tech stocks – Apple Inc. (NASDAQ:AAPL) and Qualcomm (QCOM) – to have received the target.
Earlier this week, Google Inc (NASDAQ:GOOG) broke $800 for the first time. While the company is currently trading below this mark, many are beginning to look to the future and wonder if $1,000 is a possibility.
If you don’t know anything about the past, you may have an easy time believing that this is going to happen. However, we have to look at what has happened to other companies, including Apple and Qualcomm, for a better idea of what Google Inc (NASDAQ:GOOG) is up against.
Here is some good background information from Investors.com on what happened to the other companies:
“Apple shares were upgraded to a 1,001 price target in April 2012 by Topeka Capital Markets. The stock topped 700 in September but has been sliding ever since and now trades near 445. Wireless chipmaker Qualcomm was upgraded to 1,000 in December 1999 by PaineWebber, shortly before the dot.com crash, but never got close.”
In the article we published earlier today, we included quotes from Bernstein analyst Carlos Kirjner. This time around, let’s take a closer look at what James Lee, an analyst at CLSA Asia-Pacific Markets had to say:
“The purpose of this change is to simplify the ad-buying process in the multi-screen environment and increase the adoption of mobile search. The current system is segmented and complicated, barring less-sophisticated advertisers like local merchants from participating.”
“We believe the successful implementation of the new system will improve mobile pricing through a wider adoption; drive mobile CPC (cost per click) on par or higher than that of the desktop; and alleviate concerns that desktop volume might be slowing or declining.”
Yes, Google Inc (NASDAQ:GOOG) stock broke $800 for the first time and many are hoping for bigger things in the future. But let’s not forget what happened to Apple Inc. (NASDAQ:AAPL) and Qualcomm (QCOM) in the past.
What do you think about this? Do you think Google Inc will beat Apple to $1,000? Share your thoughts in the comment section below.
Check back here for more updates on Google Stock Price Target.
DISCLOSURE: I have no positions in any stock mentioned.
For more Google news, visit these pages:
Google’s Web Search Clash with Baidu
Google’s Eric Schmidt to Sell Big