James Schnieders, co-founder of Schnieders Capital Management, said Google, Inc.’s (GOOG) stock could increase 13% next year. He said he likes the Internet giant because the company has continuously grown earnings, even during the economic downturn.
“The reason we like Google is that even during the worse of the downturn of 2008, 2009, during the financial crisis, they still grew their earnings year-over-year by 19%. We think Google is the best way to invest in the growth of the Internet. The company dominates searches.”
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Schnieders said he expects Google’s search and Internet services to continue to post strong gains. He said the Android operating system could be a key factor in Google’s growth.
“Last quarter, the paid clicks were up 23%. And we think that the next one billion Internet users will be from emerging markets and they will use a smartphone to access the Internet,” Schnieders said. “As of last quarter, IDC reported that Android had 81% of the smartphone market. So at the end of the day, even though Google is still up strong, we think that the consensus estimates of 2014 at $52.15 are reasonable and we think at 22 times forward earnings, the stock comes in about $1,147 a share, at the current quote that’s about a 13% increase.”
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