Google's share price could easily reach four-digit levels, Carlos Kirjner of Sanford Bernstein said Friday.
"It's not controversial that this company has many opportunities to keep top-line growth healthy for the next couple of quarters and indeed for the next few of years, ranging from improving search through the knowledge graph, with YouTube capturing more print advertising dollars, entering new markets such as the IT infrastructure with the Google Compute Engine and Glass and Fiber and on and on," he said.
Shares of Google traded at $879.85 midday, up 0.3 percent.
On CNBC's "Fast Money," Kirjner said that Google still had to rein in costs for the stock to hit $1,000 per share.
"What we really need to see is management controlling operating expenses to deliver double-digit growth of operating common EPS," he said. "In that scenario, I think the stock would be trading more or less where it is today, at 19 times adjusted earnings, and the company would deliver EPS in the high 50s, which brings us, in fact, north of $1,000."
Asked about the role of Google's Android mobile platform, Kirjner said that he saw upside for the company.
"They are monetizing Android through Google Play by selling Android applications and content," he said. "And for them, I think it's important to bring more people online with low-end smartphones, with new devices such as the ones that you saw announced in the last few days, like game consoles.