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Analyst cheers Google with $600 per share target

That’s a headline in The Register today. The article goes on to say:

Google and its cavalcade of adoring analysts look set to pump 2006 full of the same unbridled optimism that dominated 2005. Or so we predict after seeing Piper Jaffray analyst, Safa Rashtchy, hike his target on the ad broker up from $445 to $600.

And, why not? The analyst expects “new initiatives, in particular Google’s ad network and Google Base, to generate meaningful revenue by the end of ’06″. Such bright prospects mean Google should maintain its current momentum and reach a new 2007 earnings per share target of $11.91 set by Rashtchy

This is based on a view that Search Marketing will see over 40% growth this year. Although this might be seen as a signal to investors, it’s a more important signal to all business owners of the growing power of the Internet. If you haven’t considered how you should change your marketing strategy in the light of the Internet explosion, then now’s the time. That’s a much safer bet than buying Google shares at their current price of over $430.

Tags: share price, Google