Google’s shares hit a new all-time high of $747.28 in early trading today, just as both Facebook and Apple are taking a hit.
While the rise of Google’s share price isn’t tied to a single event such as a new product launch, it appears investors hope Google will continue its dominance in areas like search, advertising, and smartphones while rivals fail to meet expectations. Facebook is down nearly 9 percent to just under $21 today after Barrons published a scathing piece arguing the stock is worth only $15. Additionally, Apple is trading down 1.5 percent to $689.50, likely on news that weekend iPhone 5 sales did not meet expectations and people continue to be angry about Apple Maps.
It’s also important to note that Google’s stock has been on a tear as of late. September is the first month Google has been trading above $700 since December 2007.
Some analysts think Google has more room to grow. Citigroup raised its Google price target from $740 to $850 today. “We’re now back at the peak,” Citigroup analyst Mark Mahaney said in a note. “And we believe Google shares can rise materially higher over the next 12 months.”
Let us know in the comments why you think Google has so much momentum right now.
Google archery photo via Google