Shares of Google, the world’s most-used Internet search engine, might continue to rise as the company boosts advertising revenue, research analysts at securities firms that underwrote Google’s public offering said after they were cleared to publish reports on the company.Google, whose shares are up 49 percent from the August 18 IPO, might increase sales by 93 percent next year, Morgan Stanley analyst Mary Meeker wrote. The stock rose 7.3 percent, or US$8.60, yesterday to $126.86, the highest level since it began trading.Google shares are now within the range of $108 to $135 the company suggested investors bid in the auction-style offering earlier this year before cutting the price to $85 amid weak demand from investors.The company’s stock market value is now about $34.4 billion, more than the $16 billion valuation of online retailer Amazon.com or $28.4 billion for Alcoa, the world’s largest aluminum producer.”It’s done well for a reason,” said Bill McVail, who helps manage $13 billion, including some Google shares, at Turner Investment Partners in Berwyn, Pennsylvania. “I think at this point, it still trades at a little bit of a discount to Yahoo.”Yahoo owns the second most-used search engine. Yahoo shares closed yesterday at $31.82, or 95 times… Read full this story
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