Is Google Still A Buy?

Five years ago today, investors went gaga for Google . In one of the most anticipated IPOs of the past decade, the Internet search company priced nearly 20 million shares at $85 per share, raising $1.7 billion dollars through an auction of its shares.

On November 7, 2007, Google hit its current all-time high of $747.24, peaking 779% above its $85 offering price! However since then shares have slid and are currently trading at .

Is Google still a good investment?

According to Citi analyst Mark Mahaney it is. We have a buy on Google with a $580 price target, he tells Fast Money.

He’s bullish on the search innovation happening at the company and adds that demand for Internet advertising appears to be picking up. And he says, there's a new secular growth driver in the form of mobile searches.

"When that kicks in, the multiple on the stock should be between 20 and 25 times earnings. Right now mobile search is about 5% of total search but I think it climbs to 10% by next year and that moves the numbers," Mahaney says.

You can see our entire interview with Mark Mahaney at the end of the Word on the Street video.

Google By The Numbers
IPO Price $85
All-Time Low $95.96
All-Time High $747.24
Currently up 424% from IPO price

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