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Sanderson recommends buying the shares and has a $935 price target. The stock isn't cheap by historical standards. It's trading at 32.1 times earnings, higher than its average of 28.1 over the past five years, according to FactSet. Wedbush's Dix sees risks ahead. Search, he argues, is giving way to more targeted forms of marketing. Increased data on how and where consumers spend money means that brands can reach spenders on their devices in other ways. "Payments innovations should facilitate more seamless settlement of incentives," Dix wrote on Sept. 27. But betting against Google has been a bad strategy of late. In addition to advertising strength and investments in big new markets, Chief Financial Officer Ruth Porat has been spending billions of dollars on share buybacks. Given how much cash Alphabet generates $7 billion in free cash flow in the second quarter money is plentiful.

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REUTERS/Pascal Rossignol 4/11 left right Shoes lie abandoned in the entrance way of a makeshift shelter during the dismantlement of the camp called the 'Jungle' in Calais, France, October 29, 2016. REUTERS/Pascal Rossignol 5/11 left right An abandoned stuffed rabbit is seen on a wall inside a makeshift shelter during the dismantlement of the camp called the 'Jungle' in Calais, France, October 29, 2016. REUTERS/Pascal Rossignol 6/11 left right An abandoned bike is seen in front of a makeshift shelter during the dismantlement of the camp called the 'Jungle' in Calais, France, October 29, 2016. REUTERS/Pascal Rossignol 7/11 left right Migrants claiming to be minors gather with their belongings as they prepare to spend the night on a street after the dismantlement of the 'Jungle' camp in Calais, France, October 27, 2016. REUTERS/Philippe Wojazer 8/11 left right Migrants who claim to be minors wait for their registration and their evacuation on the third day of the dismantlement of the camp called the 'Jungle' in Calais, France, October 26, 2016. REUTERS/Pascal Rossignol 9/11 left right French President Francois Hollande speaks during a ceremony marking the 70th anniversary of the registration of French Conseil economique, social et environnemental (CESE - Economic, Social and Environmental Council) as part of the French constitution, at the CESE in Paris, France, October 28, 2016. REUTERS/Stephane de Sakutin/Pool 10/11 left right Britain's Prime Minister Theresa May holds a news conference after the EU summit in Brussels, Belgium October 21, 2016. REUTERS/Eric Vidal 11/11 DOUE-LA-FONTAINE, France French President Francois Hollande said on Saturday he had spoken with British Prime Minister Theresa May to convey the message that Britain should take its share of responsibility for minors from the "Jungle" migrant camp of Calais. There was tension this week between the two countries over how to take care of young migrants after bulldozers flattened the camp that had been home to over 6,000 refugees and migrants hoping to cross the Channel to Britain.