Google is kicking ass. Our household has some shares in this stock, so we're happy:) Hmmm... maybe it's time we sell. News from ABC:
In an earnings report that showed the company outstripped Wall Street expectations for the fifth consecutive quarter since its initial public offering in August 2004, Google said on Thursday it saw a "sea-change" shift to Internet marketing from print and broadcast.
ThinkEquity analyst John Tinker echoed the term "sea-change," saying that Google's results show "more and more firms are realizing that Internet advertising is effective."
"They've come up with a new product that is changing the way people are advertising," Tinker said. "They are changing the way people are doing business."
While Google has long been a hot spot for users searching for everything from news to long-lost friends, there have been questions about whether the company can turn its popularity into steady advertising dollars.
But the company's Thursday earnings report showed that it is pulling advertising money from old media at a faster-than-expected clip — prompting upgrades by analysts and another big jump in its stock.
Among the upgrades, Needham boosted its price objective to $370 from $300 a share, while Banc of America Securities increased its target to $360 from $280.
First Albany and Lehman Brothers went further, upping their price targets to $450 a share.