Can you imagine Google at $1000 a share? What analyst would make such a Henry Blodgett-esque prediction? I don't know, but I am making that prediction myself.
Simply put, Google has more room to run. Here are the advantages:
Google already is the Microsoft of today. Any tech company has to think to themselves: "What could Google do to us?"
What are the threats to Google's ascendancy? Basically it's: managing the scaling, hiring, size, growth. Will they get too big, and not be able to move fast enough? Will the key people (most of whom are worth over $50M) stay interested?
My gut feel is that the founders will stay just crazy enough to keep throwing all of the balls in the air. Keeping Google ahead of the legacy monster that eats tech companies.
Don't let the high per-share price fool you. All it takes for Google to get to $1000sh is a valuation a bit south of Microsoft's today. It'll happen before 2006 is over.
And yes, I do own some shares in GOOG