Google (GOOG) Gets it's First $1000 Price Target

Ok, not really $1000, but close enough... $985 and round up ;)

• Dinosaur Securities analyst David Garrity this morning apparently decided to get ahead of the pack: he raised his rating on Google (GOOG) this morning to Buy from Hold and upped his price target to, yes, $985, from $500.
• One, he notes that the company’s “search, ads and apps” mantra suggests investors have been overly concerned - to the extent that when it comes to Google they are overly concerned about anything - that the company might become more asset intensive, and build out a wireless network or other infrastructure, with negative implications for returns on invested capital. But he says that one of the messages of the search, ads and apps plan in the context of mobile computing is “no physical infrastructure.”
• His other key point is that “management continues to position the company to address increasingly larger end markets.” In particular, he focuses on the allure of the mobile ad market. “To the extent that advertising media distribution channels are being transformed by emerging technologies with the possibility that mobile advertising may ultimately become more significant than the current broadcast channel in spending terms,” he writes, “GOOG in effectively penetrating the walled garden that wireless communications services have been until now is securing a strategic technology provider role that will allow it to meaningfully shape the progression of development in the space.”

And yes, after selling yesterday I have no position. The amazing thing is, relative to some other stocks growing in the same range, which are valued MUCH higher on a PE ratio basis, Google is still (relatively) cheap.

I only have 1 question: Dinosaur Securities?

No position