Why Google Stock Will Still Go to $1,000

By Jon C. Ogg Published Jul 19, 9:10AM EDT

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No matter how you cut it, Google Inc. (NASDAQ: GOOG) delivered an earnings report that its stock price was not indicative of going into the company earnings. After closing at $910.68, shares are now trading back down around $884, against a 52-week trading range of $598.18 to $928.00. Google is one of those stocks that is hoping to go to $1,000. Credit Suisse says that Google is still going up there.

Stephen Ju of Credit Suisse maintained his Outperform rating, and he did not waver at all on his $1,000 price target for Google stock. Ju maintained that traffic cleanup exerted a drag, but that the catalysts and thesis remain intact. He did trim some of his growth forecasts after $13.1 billion in sales came in under his $13.3 billion sales target.

Ju said:

We Reiterate our Outperform rating as we note that our long-term investment thesis as well as the near-to-medium term catalysts have not changed on the back of this report. We believe the ongoing adoption of PLA as well as the rollout of Enhanced Campaigns in the second half of 2013 are potential accelerants to ad budget deployment.

The consensus price target is $991 for Google, and even the median target is $1,000, according to Thomson Reuters. We would also point out that the highest share price target was $1,175. Today’s research report remains bullish but Credit Suisse’s $1,000 target price is not even as aggressive as other firms out there.

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About the Author Jon C. Ogg →

Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.