Investors searching for treasure in the fourth quarter could find some hidden gems in Alphabet's new reporting structure, a top Internet analyst told CNBC on Tuesday.
Alphabet is expected to break out more specific costs and revenues from each segment as part of its fourth-quarter earning results. When it does, the technology company could reveal more opportunities than investors previously realized, Mark Mahaney, Internet analyst at RBC Capital Markets, said Tuesday.
Aspects of the core business like YouTube and Google Play have the potential to sustain high overall growth rates, Mahaney wrote in a note Tuesday. On top of these "growthy" businesses, Nest, Google Fiber and even research into autonomous cars could be more valuable than Alphabet's current valuation reflects, Mahaney told CNBC's "Squawk Alley."