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Portfolio Manager's Picks: Google, Lamar Advertising

Like many portfolio managers, T. Rowe Price's Henry Ellenbogen remains a big fan of tech darling Google.

"We continue to think they're going to compound wealth at a high rate in this company," Ellenbogen said. "The fact that it's continuing to gain market share in its core business, and it's reinvesting its cash flow at attractive rates of return in new businesses...we believe have not yet started to yield revenue and profits for investors."

"We believe our price target is comfortably higher than where the stock is today," he added.

Ellenbogen finds "almost a flip side" of Google in billboard company Lamar Advertising, whose stock is at a 52-week low.

"We would acknowledge that in the short-term, the local ad market in the U.S. is weakening, and probably going to get even worse as the next six months go on."

So why does he like the stock?

"When you look out a couple of years on Lamar, at the stability of its core business -- as you know, you can't TiVo traffic -- and, also at its ability to continue to grow and gain market share because of its digital billboard initiatives, as well as the high rate of return it gets when it makes investments in these digital boards, we like the story long-term."

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