Google at $600? Welcome Back, Henry--Er, I Mean SafaRob Hof
Piper Jaffray analyst Safa Rashtchy raised his target price on Google today to $600 by year-end. I'm sure I'm not the only one who's reminded of former CIBC Oppenheimer (then Merrill Lynch) analyst Henry Blodget's famous $400 target price on Amazon in October 1998. Of course, Blodgett turned out to be right. For awhile. Don't be surprised if it's the same with this $600 target. At the same time, don't be surprised if it falls way below that at some point. Google's an awesome company, but nobody's perfect.
Oh, and Blodget himself? He was nervous when Google was passing $400.
Update: Here's Blodget's latest take.
: He can't stop: More from Blodget.
(Photo courtesy of Morguefile)