Is Google (GOOG) Worth $1000/Share?

It was bound to happen... someone worth their salt was going to say Google (Nasdaq: GOOG) and $1000 in the same breath. But who would be the first? Well, today Piper Jaffray's Gene Munster did it. He said it!

In a note to clients today on the the long-term outlook for Google, Munster raised his 12-month price target on Google to $700 per share, matching the 'street high,' and said eventually it will be over $1000... but not until in 2015.

While this is not an overly aggressive call, with the stock nearing $600 already, by putting the $1000 in writing it will give others comfort to do the same.

Here are Five Key Takeaways on Google Munster cited:

• (1) We believe Google is the best positioned Internet company from a long term investment position (5 years or more).
  
• (2) We believe search will continue to provide 78% of net revenue seven years from now.
  
• (3) Google has a number of business lines that could become billion dollar or more per year revenue lines (YouTube, Google Voice, Google Apps, DoubleClick (with the exchange))
  
• (4) The Google Network is already a billion dollar business that we believe
  could see some lumpy growth due to our expectation that Google will lose both AOL and Ask as search partners.
  
• (5) We believe the Google TV Ads business will gradually gain traction and we believe eventually add network (ABC, CBS, NBC) inventory.

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