Google Shares Next Stop $600+

Get on board, next stop for Google Inc. (NASDAQ:GOOG) shares is $600 says UBS, Needham, Kaufman Brothers, and Credit Suisse.  All four firms have raised their price targets on Google in the past two weeks from the $500 range to $600 and UBS says $635!

These past two weeks the analysts have come out in force of the bullish case for Google Inc shares, including Collins who said Google gets to $600 before any of them last month:

The average price target now for Google shares is at $618 according to finviz.com.  On Friday GOOG shares finished at $549 for a one week rally of 6.5% with a YTD total of 78%+.

Google Inc. (NASDAQ:GOOG) Q3 09' earnings beat the Street and CEO Eric Schmidt believe "the worst of the recession is clearly behind us." Google shares hit a new 52-week high this week and there's plenty to celebrate.

Google reported Q3 EPS of $5.89 (ex-items) versus the analyst estimate of $5.40. The EPS number from Google also beat the 'street high' EPS estimates of $5.68. Revenue for the quarter rose to $4.38 billion, which compares to the estimate of $4.23 billion. Revenues were up 7% year-over-year despite the tough economy.

CEO Eric Schmidt, "While there is a lot of uncertainty about the pace of economic recovery, we believe the worst of the recession is behind us and now feel confident about investing heavily in our future."

Reaction and Insight with Gene Munster of Piper Jaffray (Bloomberg News)