Rising 60% in 13 Months, GOOG Hits Our $1,000 Price Target
13 months ago, on 9/12/12, when the stock was trading at $692, we had a post on GOOG with the following title:
At the time we said the following in that post:
“Even as AAPL has risen some ~225% from its highs in 2007 GOOG shares are still DOWN 3% after peaking in the same year…We believe GOOG’s fortunes are in the process of changing as is the market’s perception of the company’s Droid phones relative to the iPhone…”
We went on to note that the stock was in the process of breaking out from a multi-year, bullish ascending triangle pattern formed by lines (1) and (2) in the chart below and that once it broke out:
“If GOOG can re-test line (1) as new support successfully and then clear its previous high in 2007 around ~$715, we would anticipate the stock to test trend-line resistance (3) at ~$1,000, which ironically, also represnets its 161.8% Fib expansion level formed b/t the stock’s 2007 highs and 2008 lows.”
So, with the stock having reached $1,000 last Friday, concurrently hitting line (3) and 161.8% Fib expansion resistance, this call has worked out quite well.
Yet again, evidence that it pays to be a knuckle-dragger that spends his time looking at charts instead of reading…