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NEW YORK Google’s advertising network will grow substantially in 2006, according to an investment bank, as it expands its performance-based auction system to other media.
Piper Jaffray made the growth of Google AdWords a main justification in raising its price target for the stock to $600, up from its previous $450 target. At $600, Google would have a market capitalization of about $177 billion.
“We believe Google is an iconic company that, like Microsoft and eBay before it, has defined a new and vital industry,” Piper Jaffray said in a research note.
Google
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