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Google On Deck: Investors Eye Mobile

If the third quarter is the trough for CPC declines, than there's the potential for Google to exceed estimates going forward, says Piper Jaffray's Gene Munster, as it will have easier comparisons. Munster rates Google "overweight" with a $834 price target.

One thing investors may want to watch is the hardware business Google acquired when it bought Motorola. As Google increasingly builds its own hardware to compete with the likes of Apple (AAPL - Get Report) in smartphones and tablets, results from this division will become ever more important, with one caveat. Hardware has significantly lower margins than Google's core business, and that's likely to affect results going forward. Munster does not believe Motorola "will put forward any type of compelling smartphone to compete with Samsung and Apple until mid-2013."

Google will report earnings after the close of trading.

Interested in more on Google? See TheStreet Ratings' report card for this stock.

-- Written by Chris Ciaccia in New York

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