Google shares have trailed the broader market and megacap tech names like Apple and Facebook in particular, but Cowen & Co.'s David Seaburg says the stock is about to go on a massive run.
"Google doesn't get the bragging rights," Seaburg said in an interview webcast released Tuesday by CNBC's "Trading Nation." "But if you look at the ecosystem, they're everywhere."
YouTube, Google Search, Google Play, Google Maps and Gmail account for 5 out of the top 10 performing applications for unique visitors (as of June), and are projected to continue reaching new users through January 2016, according to Cowen.
In a recent note, Cowen upgraded Google to outperform and upped its price target to $681 per share, roughly 20 percent higher than current levels, citing strong long-term potential from search, YouTube and Google Play.
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"This is a cheap stock," said Seaburg, head of Cowen's sales trading. "A sum of the parts analysis alone suggests the enterprise value of Google Search is $385 billion." Seaburg noted that the value effectively reflects the total value of the entire company.
"Basically, at current levels, you're paying for search and getting everything else for free."
All this has Seaburg thinking Google's on the cusp of doing something it has never done: pay a dividend. And that alone, says Seaburg, is reason to get long the stock.
"This will allow [Google] to really return capital to shareholders," he said. "That will create a massive uptick and the stock could hit $680 per share."
