Google, Priced at $456, is a Value Stock, UBS' Miller Says 
That's right. A stock that has more than quadrupled in three years and sells for more than 45 times earnings is cheap. At least that's according to a well-followed analyst from UBS today, who upgraded shares of the world's most-used search engine. Google also counts legendary value investor Bill Miller among its biggest shareholders. So is the Ferrari of growth stocks really as cheap as Chevy or is Ben Graham rolling over in his grave?

CNBC’s Jim Goldman joined the panel. He says Google (GOOG) is trading at 25 times next year’s earnings, which is a deal in the sector.  He says don’t pay attention to price. Pay attention to P/E. This could be the deal of the century.