Piper Jaffray Up Target on Google (GOOG) to $700, Says Long Term It Will Go Over $1000
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Piper Jaffray analyst Gene Munster raised his price target today on Internet giant Google (Nasdaq: GOOG) from $623 to $700 and said long-term it will go over $1000.
Munster said, "We believe Google represents one of the best positioned long-term growth stories on the Internet. Considering our longer term net revenue estimate of $50.7 billion in 2016 and assuming a slightly declining net margin from 36.5% in 2009 to 35% in 2016 along with a 20% share count expansion (have expanded ~17% in past 5 years) and slightly higher multiple than slower growing peers in current markets (assume 22x multiple), we believe shares of GOOG could be worth over $1,000 by 2015 or a 70% appreciation from today's levels."
Munster said, "We believe Google represents one of the best positioned long-term growth stories on the Internet. Considering our longer term net revenue estimate of $50.7 billion in 2016 and assuming a slightly declining net margin from 36.5% in 2009 to 35% in 2016 along with a 20% share count expansion (have expanded ~17% in past 5 years) and slightly higher multiple than slower growing peers in current markets (assume 22x multiple), we believe shares of GOOG could be worth over $1,000 by 2015 or a 70% appreciation from today's levels."
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