Wednesday, September 29, 2004

The New York Times > Technology > Market Place: Google Shares, Once Devalued, Just May Be Winners After All

The New York Times > Technology > Market Place: Google Shares, Once Devalued, Just May Be Winners After All "Wall Street, which forced Google, the Internet search engine, to lower the price of its shares sharply in its initial public offering in August, has decided that the company is worth a lot more today than it was then.
Research analysts associated with five of the investment banks that managed Google's offering released their first reports on the company yesterday, at the end of a government-mandated quiet period.
The analysts were bullish on Google's shares, which closed at $118.26 on Monday. The shares jumped yesterday to $126.86, up 7.3 percent.
Mary Meeker, the Internet analyst at Morgan Stanley, the lead underwriter in the offering, published a model that valued Google shares at $132 each."

Further evidence of a chronic lack of long-term memory in the investment community...
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