Way off target

17 January 2006

Analysts garner publicity with aggressive targets for speculative stocks. By stirring up excitement, these can become selffulfilling. Piper Jaffray put a $600 target on Google. Disgraced analyst Henry Blodget suggests $100. A case can also be made for a $25 target.

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On January 3, Safa Rashtchy, an analyst with US brokerage Piper Jaffray, set a price target for Google of $600 to be reached by the end of 2006. At the time, Google's share price was trading at around $415. Within 10 days, it had climbed above $460.

On January 10, former Merrill Lynch internet analyst, Henry Blodget, suggested on his blog, Internet Outsider, that Google's stock might hit $100 one day. Blodget made his name as an analyst during the internet boom with an aggressive call on Amazon stock.

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