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Google shares hit $600 milestone
How high can they go?

By Reuters

Published: Tuesday 09 October 2007

Shares of web-search leader Google hit a new benchmark of $600 in early trading yesterday, fuelled by investor confidence in the strength of its internet advertising technology.

A share price of $600 is a key threshold for the company, which priced its stock at $85 per share at its initial public offering in 2004.

In recent weeks, some analysts have forecast the company could reach a $700 share price in the next year as it competes more fiercely with Yahoo! and gains a foothold in new forms of web marketing, including online video.

Last week, Bear Stearns was the latest company to say Google could hit the $700 mark, calling it one of the best-operating companies it covers in the internet sector.

Bear Stearns analyst Robert Peck wrote in a note to clients: "Google continues to gain market share in search queries while continuing to face a bevy of competitors.

"Further, Google's efforts in online video, radio and print have added a layer of value that is absent from its competitors' portfolio of offerings and which has the potential to yield significant financial rewards."