Internet and technology stocks have done well this year, with the S&P 500 sector rising nearly 10 percent. RBC Capital's Mahaney said some analysts think Alphabet's growth will decelerate in the back half of the year while he thinks differently.
"We're taking the other side on that," Mahaney said on "Squawk on the Street."
"I think there's enough search innovations that are still going on at Google. We think we're seeing mobile pricing rise. And they've got these great assets like YouTube, Google Cloud and Google Play that are almost 20 percent of the company's revenue and growing materially faster," he said.
Due to these assets, Mahaney said mathematically it is difficult to see Google's growth rate decelerate as much as analysts fear.
Alphabet is expected to report its fiscal third-quarter earnings on October 27. In July, its earnings beat analysts' expectations and it reported a 21 percent rise of quarterly sales year over year. The company said its results reflected its investments in areas such as mobile and video.
Alphabet's Class A stock was trading lower Thursday in mid-morning trade. The stock is up 3 percent year to date.