Brokerage cites 'blowout quarter', raises earnings targets for 2004 and 2005; stock rallies further.
October 22, 2004: 7:58 AM EDT
NEW YORK (CNN/Money) - Prudential Securities Friday raised its target for Google stock to $200 from $130, an official at the brokerage's London sales office said.
The company cited a "blowout third quarter as net revenue growth returns to triple digit."
It also raised its fiscal 2004 earnings estimate to $2.62 from $2.22 and boosted 2005 estimates to $3.67 from $2.91, the official told CNN/Money by phone from London.
Google (Research) stock has nearly doubled since the No. 1 search engine went public in August at $85 a share.
The shares soared 8 percent in after-hours trading Thursday, after rising during regular trading, following Google's first earnings report as a public company.
Google posted strong gains in sales and earnings, and the stock rallied as investors applauded the solid sales gains, which outpaced those at rival Yahoo!
The stock continued to gain ground early Friday, rising as high as $165 in electronic trading, Reuters reported, after moving above $161 in after-hours trading Thursday.
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