NEW YORK (TheStreet) -- Concerns about Google (GOOG) - Get Report, (GOOGL) - Get Report have been overblown, as Internet search is still a viable business, while the stock's valuation is attractive, Citigroup wrote in a note to investors today.

WHAT'S NEW: Google's stock can advance significantly, Citi analyst Mark May contended. Although Google's search growth could slow, search is "far from dead," while a search slowdown is already reflected in the stock's valuation, the analyst stated. Additionally, the company has the opportunity to grow its app search and mobile search business, May stated. Addressing Facebook's (FB) - Get Report impact on Google, May wrote that the social network is a real threat. However, he added that the threat would take time to materialize, giving Google time to close its personal data gap with the social network. Additionally, Google's price to growth multiple is one of the most attractive in its sector, according to May, who raised his price target on the stock to $682 from $629.

WHAT'S NOTABLE: The outlook for Google's stock is positive and the company is better positioned than many investors realize, UBS wrote in a note to investors on March 3. That positive commentary from UBS followed an upgrade of the stock to Buy from Neutral that was issued March 2 by Bank of America Merrill Lynch.

PRICE ACTION: In early trading, Google Class A shares were little changed near $581.50.

Reporting by Larry Ramer.

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