Shares of Google Inc. (GOOG) continue to surge higher after blasting earlier through the key $630.00 level. The stock is currently probing the $640.00 area and looks to have finally broken out to the upside. The next question is, where will the next stop be? The first major resistance on Google, which is currently lifting higher intraday as it elevates modestly above its recent momentum consolidation highs of $639.00, is $655.00. After that level, the stock may head to $700.00. But first, buyers need to step up and consolidate the issue here in the $639.00-$640.00 area.
Earlier this morning Google Inc. had its price target raised to $705 p/sh at Oppenheimer and $700 at Stifel Nicolaus.
At last check, GOOG shares, which opened at $626.40 on Tuesday, were up over 2 percent to $638.20 in trading on the Nasdaq. The stock currently trades at a trailing P/E of 25.96, a forward multiple of 18.97 and a P/E to Growth ratio of 1.18. More than 2.1 million GOOG shares have already traded hands compared to a daily average of around 2.6 million.