A recent analysis pondered whether Google (GOOG) might be the next company to follow Apple’s epic downfall on Wall Street, and now we have another sign analysts might be getting too bullish: another $1,000 price target. Topeka Capital Markets analyst Brian White upped his price target on Apple (AAPL) shares to $1,111 last April, and the stock began free-falling from its record high a few short months later. Now, Jefferies & Company has become the latest group to slap a $1,000 price target on Google shares as the stock continues to hit new highs, StreetInsider reports.
The key factors for Jefferies’ upgrade are as follows:
1) traction in commerce initiatives like Product Listing Ads (PLAs), which are seeing high usage as Google Shopping transitions its Int’l program to a paid service, 2) growth at YouTube driven by TrueView ads, 3) our belief mobile CPC will improve on a growing market and Enhanced Campaigns, and 4) optimism about hardware.
The firm also raised its fiscal 2013 full-year EPS estimates to $48.25 from $46.39, and to $56.63 from $54.35 for fiscal 2014.
