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Google still a good bet 12 years after IPO, expert says

12 years after Google IPO

After 12 years on the public market, Google is still a good bet, Cantor Fitzgerald's global head of internet research said Friday.

Google first debuted on the public markets Aug. 19, 2004, and has moved up more than 1,770 percent since then. It has gone from a $23 billion market cap company to a $543 billion one. It has also restructured and is now the subsidiary of a new parent company, Alphabet.

"This is still a business that has a lot of growth. I think everybody still tends to associate Google with search. Five years from now I think it will be a lot more than search," Youssef Squali said in an interview with CNBC's "Power Lunch."

He has buy rating and a $1,000 price target on the stock.

Google is still growing 15-20 percent on the search side, Squali pointed out. However, what he's really excited about is its "next great business," display advertising.

"This is the $180 billion global opportunity — basically TV dollars making their way online," he said.

Triogem Asset Management managing partner Tim Seymour, who is long the stock, said the company is still not executing on a number of properties.

"I think it's still mispriced in terms of its growth-valuation argument," he said on "Power Lunch." "I think YouTube is actually significantly underlevered in terms of the structure."

— CNBC's Evelyn Cheng contributed to this report.