Piper Jaffray Says that Google Heading to $600 a Share

Brokerage house Piper Jaffray says that 2006 will be another great year for shares of Google. In a new report out today, PJ says that Google are on their way to $600 a share.

“Although such a high multiple may seem aggressive, we believe that given Google’s dominant position in an already large yet still rapidly growing market, its phenomenal brand power, and its status as a technology leader justifies such a valuation,” Piper said. The brokerage also predicted that 2007 earnings estimates will rise this year.

More in this article from The Street.

Postscript: Via Searchblog (thanks JB!) access to the full text of the Piper Jaffray report (PDF).

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