But he doesn't think investors should be buying the stock right now, as cost per click decreases have not stabilized and Google needs to return Motorola to profitability.
Longer term prospects look much brighter. As early as next year, "I think that the company still can probably do $50 earnings per share," he said. If you put a 15 times multiple on that, add in their cash per share which is now $124 and growing about $12 per share per annum, "I still get a stock in the mid-$800 range," he said.
—By CNBC.com's Justin Menza
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Susquehanna Financial Group owns more than 1 percent of Google.