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.
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"You will bring billion people online to transact on the internet, to be advertised to, to perform queries and that will grow the pie, and Google is the primary beneficiary."
OptionMonster's Jon Najarian said that some of Google's spending didn't appear to make sense.
"I worry about some of the spends here," he said. "I think that hurts their margins overall."
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Najarian said that the stock market looked more favorably on Apple's business model.
"Apple is the winner, the clear winner, here with nearly 800 million people that buy things on their iTunes and App Stores," he said.
Trader disclosure: On June 28, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Jon Najarian is long ABX; Jon Najarian is short ABX puts; Jon Najarian is long HALO; Jon Najarian is long GNC; Jon Najarian is long COP; Jon Najarian is long KOG; Jon Najarian is long MRO; Jon Najarian is short BBRY puts; Jon Najarian is short AGQ puts; Steve Weiss is long THC; Steve Weiss is long CYM; Steve Weiss is long BAC; Steve Weiss is long AIG; Steve Weiss is long HIG; Steve Weiss is long C; Steve Weiss is short ANR; Steve Weiss is short X; Pete Najarian is long AAPL; Pete Najarian is long BBRY; Pete Najarian is long SBUX; Pete Najarian is long FB; Pete Najarian is long KMI; Pete Najarian is long PFE; Pete Najarian is long BTU; Mike Santoli is long BAC; Mike Santoli is long C; Mike Santoli is long YHOO,