Shares of Google soared past $358 yesterday, more than quadrupling their IPO price from last year. And while the average target price of 22 analysts surveyed by Reuters Estimates is $384.55 for Google, one analyst has a "sell rating" on it and a target of $225.
But Eugene Walton of Walton Holdings LLC in New York reiterated his "sell" rating, although he raised his 12-month price target to $225 from $200.How does a guy like this end up being featured in the WSJ anyway? I suppose it's the whole "Man bites dog" thing they told us about in journalism school.
Mr. Walton runs a one-man independent research firm out of his apartment on Manhattan's Upper West Side. He set up shop after the big 2003 settlement with regulators that required some of the largest Wall Street brokerages to offer independent research to their clients alongside their in-house reports.