A little more than a month after listing on the Nasdaq, Google has overcome its teething initial public offering (IPO) difficulties to deliver a stock gain of more than 50 per cent since its $85 (£47) launch in mid-August.
At the close of trading yesterday, the share was trading at $130.64 (£72), far above analysts? expectations in the run up to the IPO, especially as the stock was initially lowered in value during the share valuation period prior to listing.
The online search specialist has picked up on the back of solid growth in online advertising in the US market, which has pushed up a range of stocks, including Ask Jeeves, Yahoo and eBay, according to the Wall Street Journal Europe.
Market analysts now believe the share may be able to climb as high as $150, with predictions that the firm will boost sales by 50 per cent and earnings by 30 per cent over the next five years.
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