Colin Gillis: You'll be Able to Buy Google Below $800

Google (NASDAQ: GOOG) shares have been rallying lately; since December, shares are up over 20%. On Tuesday, shares set a new 52-week high near $839.But according to BGC's Colin Gillis, investors should wait before jumping in. Specifically, Gillis predicted that traders would have the chance to purchase Google shares “below $800.” According to Gillis, Google is traditionally stronger in the second half of the year, and should see a pullback before going into the second-half of the year.Yet, as Gillis is showing caution, analysts at Jefferies are as bullish as ever. In a note released Tuesday, Jefferies reiterated its Buy rating and raised its price target to $1000 from $875.In its note, Jefferies cites positive trends at Youtube, commerce initiatives, and optimism about Google's hardware as catalysts that could power shares higher.However, if Apple (NASDAQ: AAPL) is any warning, that $1000 price target could be the kiss of death. As Apple shares were trading up near $700, a number of analysts saw fit to give the company $1000 price targets (Topeka's $1111 price target stands out). Shortly thereafter, shares began their rapid move lower.There's also the question of valuation: Google's near 26 price-to-earnings ratio might be getting excessive, particularly when compared to the S&P 500's, which is hovering around 17.5.