Thursday, June 4, 2009

Citigroup jumps on the GOOG train

Looks like I'll get some more action in my GOOG! Citigroup ups their target to 580, on "channel checks," Wall Street gibberish for I need a reason to upgrade.

When GOOG reported earnings, Citigroup's Mahoney said there was "no near term catalysts" to move the stock, even though the catalysts were outlined here on April 19. There were no cockroaches on GOOG's earnings!

But with a stock poised to break out on the charts, and with GOOG up 50 points since earnings, even though there wasn't a "catalyst" for it to move, we now seem to have found one on Wall Street that the fund managers will chase.

An big increase in the target price!

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