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Saturday, August 21, 2004

BBC > Google shines on its second day

Shares of Google have surged higher again on their second day of trading, as interest in the most closely-watched US public offering in years continued.
The internet search giant was boosted by a pair of positive comments from analysts, helping the shares add another 8%, or $7.98, to $108.31.
One broker gave Google a target price of $115 and the other was even more bullish, targeting it at $120.
This is a far cry from Google's humiliating offer price set at $85.
On its first day of trading, its shares rose 18%, closing above $100 on Thursday as Google concluded its controversial campaign to become a public company, making millionaires of almost half its employees.
Google's flotation ranks as the third-biggest IPO of the year and has attracted substantially more interest than usual because of its popular brand name.
"While we do not believe that revenue can continue to double, we believe that Google is a major beneficiary of the continued growth of global internet advertising and broadband development," said one analyst, John Tinker of Think Equity Partners.

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