For months I’ve turned on spotlights, pounded the table, and beat the drum, attempting to make Google (NASDAQ:GOOG) shares stand out.
Admittedly, I likely wasn’t much of a direct influence on the stock. However, anyone who heeded my advice to pick up Google near this support area, before this big move, or prior to this breakout made a fortune in September.
Next stop $1,000?
Google is a great company. In fact, it’s one of my favorites and I hold a large portion of my retirement in it. Analysts like it too. Of the 42 analysts covering the stock, 35 have issued "buy" ratings. The highest price target increased to $910. Despite the big move in September, the shares are still cheap. The 2013 EPS estimate is $49.23, resulting in a P/E of 15.
Although Google is a great company and its stock is cheap, I’d like to see shares retreat a bit before buying it again. In fact, I advised readers of my premiere "Top Stock Insights" investment service to sell Google last month.
My advice came a bit early because the stock ran another $55 higher. However, the feud with Apple (NASDAQ:AAPL) and less-than-stellar price history during earnings season were enough reason to lock in a 32.5% gain and wait for the shares to move lower. This was the second 30%-plus gain readers recorded. The first came in a six-month span during 2010.
Although Google may move higher in the near term, we’re going to sit back and wait for a pullback below $700. Eventually, Google should hit $1,000.
The chart above shows the price of Google shares along with two profitable transactions taken by "Top Stock Insights" subscribers.4