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No. 3 - Google "Cheap"?

Google, Priced at $456, is a Value Stock, UBS' Miller Says
That's right. A stock that has more than quadrupled in three years and sells for more than 45 times earnings is cheap. At least that's according to a well-followed analyst from UBS today, who upgraded shares of the world's most-used search engine. Google also counts legendary value investor Bill Miller among its biggest shareholders. So is the Ferrari of growth stocks really as cheap as Chevy or is Ben Graham rolling over in his grave?

CNBC’s Jim Goldman joined the panel. He says Google (GOOG) is trading at 25 times next year’s earnings, which is a deal in the sector. He says don’t pay attention to price. Pay attention to P/E. This could be the deal of the century.

Guy Adami says that despite today’s UBS upgrade, Google’s stock did not move. That suggests to him that people weren't buying into the analyst's idea that it was a value stock.

Jeff Macke says get in to Google when it’s at $400 per share. It’s not valuation that troubles him, it’s that they’ve got Microsoft (MSFT) and a revitalized Yahoo! (YHOO) coming after them. Jeff says Google taught them how to play this game.

Eric Bolling says he loves the Google chart. If the stock holds $430, a point of resistance for the stock in October, then he loves it.

Dylan asked Jeff about Microsoft's decision today to make all of its advertising digital. Jeff says Yahoo! is the clear beneficiary of this move.

Trader disclosure:
On MAR 7, 2007, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders. Strazzini Owns (HAL), (YHOO), Is Short (WCG). Bolling Owns (BP), (XOM), Gold, Silver, Soybeans, Is Short S&P Futures, Is short Nasdaq Futures, Is Short Corn

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