Google stock breaks US$400 a share, hits new high

NEW YORK (Reuters) - Shares of Google hit another all-time high on Thursday, breaking through the US$400 threshold, a move that may once again force Wall Street to rethink its price targets.

Google shares have been romping higher since it posted better-than-expected earnings last month and reported a "sea-change" shift by major companies to online marketing from print and broadcast.

While shares were up just less than 1 percent on Thursday, the stock still pushed through US$400, hitting a session high of US$403.81. The stock added US$3 to US$401.15 on Nasdaq.

What's more, the stock is up nearly US$100 a share, or more than 30 percent, since it reported earnings on October 20 and prompted a number of Wall Street analysts to raise their price targets.

As of Thursday, six analysts had a price target of US$400 for the company, according to Reuters Estimates. The highest mark is US$450 a share, listed by both RBC Capital Markets and Lehman Brothers.

Shares of Yahoo, Google's chief rival, also hit fresh five-years highs Thursday, as both companies benefited from optimism about online advertising. Shares were up US38 cents, or 1 percent, at US$40.42 on Nasdaq.