Google's (GOOG) stock is on a tear, hitting new highs and breaking through $800 per share this week. The stock is up roughly 30% year-over-year and more than 10% year-to-date. During mid-day trading, shares were selling for $8.00.57.
Now at least two analysts on the street think the stock could hit $1,000. CLSA raised its price target to $1000 as cost-per-clicks improve and a Bernstein Research analyst called YouTube "an underappreciated asset" and mobile "a large value creation opportunity."
At the same time, Deutsche increased its target to $935 from $800, also because of the potential in mobile.
Long-time Google bull Howard Lindzon, co-founder and CEO of Stocktwits.com, joined The Daily Ticker's Aaron Task to discuss Google's upward momentum. "It makes sense for analysts to do this," he says. "There is a lot of momentum around this brand."
The recent, renewed interest in Google is due in large part to a number of major announcements made by the company, including:
- Google Glass: The company announced this week that it is finally ready to have people try its eyeglass project for the hefty price of $1,500. The eye apparel is equipped with tiny screens that allow users to access information much the same way as on their mobile devices.
- Google Retail Stores: Rumors of a new Google retail store, to rival the Apple Store, have been confirmed by people familiar with the plans. These brick and mortar establishments would help further cement the company's position in the mobile device and hardware business.
- Google Touchscreen Laptops: According to inside sources, Google is developing touchscreen laptops that will be powered by a Chrome Operating System. You can bet this product, along with its Android mobile devices, will be sold in their upcoming retails stores.
But that's not all. In addition to the recent announcements, Google is also venturing into solar, cars and broadband services.
Related: Is Google Taking on the Telcos?
Lindzon does own shares in Google, but is not buying any more right now, even after all the positive press.
"I don't think you chase a Google," he says. "I think Google is now in uncharted territory at [an] all-time high."
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