Munster's View - GOOG to $800

According to Piper Jaffray senior research analyst, Gene Munster, owning Google (GOOG) offers upside to $800/share.

How do you get there?

*Munster's Math:
1.) Google's traded at the average P/E multiple of 30 over the past 2 years.
2.) Apply the P/E of 30 to his 2009 Google earning estimates of $27.00 A SHARE...

BEHOLD - Munster's $800 valuation of Google. It should be noted that GOOG closed at $579/share today (5/07/08)...thus a run to $800 would represent 38% upside from today's close.

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*Additional GOOG Nuggets from Munster:

- Youtube remains an incredible growth opportunity for Google...while Google has yet to properly monetize Youtube, daily YOUTUBE.com site traffic is 130 million visitors ! For some perspective, about 90 million people watch the SUPER BOWL every year (go PATS..they'll be back in '09).

- ONLY 10% of all U.S. company advertising budgets are currently being spent online (in other words, GOOG has LOADS of room for continued ad growth because of its VIRTUAL MONOPOLY IN INTERNET SEARCH ex-CHINA...BAIDU still dominates China..)

*LASTLY, Google has their Annual Shareholder's Meeting tomorrow...wonder if they're going to discuss their yet to be released mobile phone Operating System ANDROID !

Data Courtesy: CNBC.
Full Disclosure: I own shares of GOOG and BIDU.