Is Google a Good Candidate for Rational Exuberance?
IS the dot-com bubble reinflating?
Last week, a relatively obscure Wall Street analyst named Safa Rashtchy, from Piper Jaffray, became an overnight sensation among the Internet faithful. He predicted that Google's stock price, which has climbed more than 350 percent since its initial public offering in 2004, and was $422.52 at the time, would hit $600 a share by the end of 2006.
Mr. Rashtchy's bold forecast recalls memories of the time in 1998 that Henry Blodget, then a young, unknown analyst at CIBC Oppenheimer, predicted that Amazon.com would hit $400 a share. At the time, Amazon stock traded at $242.75 a share; after Mr. Blodget's prognostication, the stock jumped to more than $600. Google - Week in Review - New York Times
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