Shares of Web search leader Google hit a new benchmark of $600 in early trading on Monday, fueled by investor confidence in the strength of its Internet advertising technology.
A share price of $600 is a key threshold for the company, which priced its stock at $85 per share at its initial public offering in 2004.
In recent weeks, some analysts have forecast the company could reach a $700 share price in the next year as it competes more fiercely with
On Friday, Bear Stearns was the latest firm to say Google could hit the $700 mark, calling it one of the best-operating companies it covers in the Internet sector.
"Google continues to gain market share in search queries while continuing to face a bevy of competitors," Bear Stearns analyst Robert Peck wrote in a note to clients.
"Further, Google's efforts in online video, radio, and print, have added a layer of value that is absent from its competitors' portfolio of offerings and which has the potential to yield significant financial rewards," Peck said.
Google shares traded as high as $601.45 during the morning session. In afternoon trading, shares were at $601.33, up about 1 percent.
