Back when Business Insider was just starting out, Henry Blodget made a bold call. He said Google’s stock could go to $2,000 by 2017.
His reasoning at the time, if Google were to reach $2,000, it would be a $750 billion company, which isn’t that wild. (He should have made his call for Apple, which is at $650 billion.)
Blodget seemed to have a reverse Midas-touch. After he made his call, the stock dropped. He basically called the top for Google.
But, suddenly the prediction is looking less insane. Google is at $716 today, and if Google can hang on, it would be a new all-time high for its closing price. (Apparently it hit $747 in 2007, so to reach an all-time high, Google’s still got some work to do.)
From the end of 2009 to March 2012, Google’s stock was pretty much going sideways. Then in the spring it cratered one last time and has been rising since.
What’s driving it forward? We’re not really sure, but maybe investors see the Facebook IPO and realise it’s not going to kill Google. Maybe they look at Android’s incredible growth and think that’s worth buying. Or maybe they think self-driving cars are the wave of the future.
What ever the case may be, Google’s on a nice little run.
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