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Buy Alphabet before earnings on its mobile search, YouTube growth: JPMorgan

Sundar Pichai, senior vice president of Android, Chrome and Apps at Google Inc., gestures as he speaks during the company's Android One smartphone launch event in New Delhi, India, on Monday, Sept. 15, 2014.
Kuni Takahashi | Bloomberg | Getty Images

Internet search is still a thriving growth market for Alphabet, according to one Wall Street analyst.

JPMorgan on Monday reiterated its overweight rating for Alphabet shares, predicting the internet giant will report earnings above expectations in the September quarter.

Alphabet-owned "Google continues to grow very fast off a large base, and we believe there is considerable headroom for both mobile search and YouTube over time," analyst Doug Anmuth wrote in a note to clients.

"Heading into 3Q, we are increasingly constructive on GOOGL driven by strong mobile search trends & potential YouTube reacceleration."