My Google Share Price Target: Internet Analyst

Google handily beat analysts' expectations for both profit and revenue. It was the company's strongest sequential revenue growth in more than a year, as the advertising business showed signs of recovery from the global recession.

Heath Terry, media and Internet analyst at FBR Capital Markets, shared his earnings analysis and company outlook.

“As powerful as this macro environment event that we’ve been in is, there’s an incredible secular shift that Google’s benefiting from, as advertisers try to move more dollars online,” Terry told CNBC.

“If anything, this recession has been a catalyst for marketers to reallocate their spending to where they’re getting the most return for it. Based on all the advertisers we’ve talked to, that’s search.”

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Terry has an outperform” rating on the search engine giant's shares .

“If things continue the way they are, $680 is where we think it goes over the next 12 months—and that’s the lower bound of where we think it goes.”

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Terry does not own shares of Google.