There’s also opportunity for higher clicks and better pricing.
“Looking at supply shortages that Google currently faces on some of its leading key words, what we argue is that through increasing the amount of clicks on the consumer side, Google can actually optimize better between supply and demand and leave less money on the table with marketers,” Sena said.
Unchallenged in search, Google has also been able to beat back threats from Apple in maps and Facebook in social media.
Mobile has also become more friend than foe for Google. “When they move horizontally toward merchants and toward consumers, as that platform starts to strengthen — and you’re seeing that in the product search category — it will dovetail nicely with what they are doing on the mobile side,” Sena said.
All that leaves Sena “still excited about the stock.”
—By CNBC.com’s Justin Menza
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Sena and Evercore had no reported conflicts.