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News > Technology
Prudential: Google target $200
Brokerage cites 'blowout quarter', raises earnings targets for 2004 and 2005; stock rallies further.
October 22, 2004: 10:16 AM EDT

NEW YORK (CNN/Money) - Google stock rallied anew Friday morning after Prudential Securities raised its target for the stock to $200 from $130, citing a "blowout third quarter."

Prudential noted that net revenue had more than doubled in the latest quarter.

The firm also raised its fiscal 2004 earnings estimate to $2.62 from $2.22 and boosted 2005 estimates to $3.67 from $2.9.

Google (Research) stock has nearly doubled since the No. 1 search engine went public in August at $85 a share.

The shares soared 8 percent in after-hours trading Thursday, after rising during regular trading, following Google's first earnings report as a public company.

Google posted strong gains in sales and earnings, and the stock rallied as investors applauded the solid sales gains, which outpaced those at rival Yahoo!

And the stock continued to gain ground early Friday, touching $170 after topping $161 in after-hours trading Thursday.  Top of page

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