WALL STREET: Google shares soar past $1,000

Posted at 11:38 AM, Oct 18, 2013
and last updated 2013-10-18 11:38:08-04

NEW YORK (CNNMoney) — Google shares soared above $1,000 a share early Friday as Wall Street investors cheered the company’s latest quarterly report.

The stock surged 13% and rose as high as $1,007 a share, well above the stock’s previous all-time high of $928 set in July.

Late Thursday, Google reported earnings and revenue that blew past investors’ expectations, driven by strength in the company’s core search business.

The stock could head even higher, according to a raft of analyst reports published Friday.

Deutsche Bank was one of the most bullish, raising its price target for Google to $1,220 from $970.

Credit Suisse hiked its price target to $1,200 and Jefferies now thinks Google can hit $1,150 at some point over the next year.

Shares of Google are now up more than 40% this year. Amazingly enough, the stock has lagged the performance of two key rivals in 2013: Yahoo is up nearly 70% while Facebook has more than doubled.

Google is the second blue chip tech company to recently top $1,000 a share. Online travel site Priceline became the first S&P 500 company to hit a four-digit stock price last month. Its stock is currently hovering around $1,050.

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