Google: Boston presenter very bullish despite the runup

September 21, 2012

Google was presented on July 31 at our idea forum in Boston.  The stock has been on a tear since then, rising 16%.  The presenter remains very bullish, despite the runup.  As he pointed out at the forum, the share of mobile in the total advertising spend will continue to increase with prices for mobile clicks rising fast, as the relevance of the mobile platform becomes more and more evident.  Mobile search will be key to incremental cash flow growth, but a range of products yet to be monetized will also contribute to an increase in estimates and a multiple expansion in the next couple years.

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