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second-quarter results will have a "meaningful upside surprise" to analysts' forecasts, according to the Wall Street analyst with the highest published price target on the search engine giant.

"We believe that the company's initiatives will enable it to gain market share, increase monetization and expand into new revenue generating areas," writes Piper Jaffray analyst Safa Rashtchy in a note to clients Thursday.

Rashtchy, who has been at Piper Jaffray since 1997, set a $600 price target for Mountain View, Calif.-based Google in January. His stock price forecast is still the most bullish of any analyst covering Google.

Analysts are expecting Google to report earnings of $2.19 a share on revenue of $1.62 billion, according to Thomson Financial.

In his report, Rashtchy expresses optimism about many of the issues highlighted by Google in a conference call Wednesday with analysts, such as the company's partnership with

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The partnership with Dell, which will include the deployment of a Google search toolbar in PCs, has great potential, he says.

"We believe Google will expand its partnership with Dell and other OEMs (original equipment manufacturers) once it learns from its Dell experience in order to increase its distribution and further expand the Google ecosystem," says Rashtchy.

But even for bulls like Rashtchy, Google is a tricky stock to follow. Not only doesn't it give earnings guidance, it is loath to provide much other information that would be helpful in trying to predict its financial performance.

Shares of Google fell 57 cents to $382.05. They have dropped 8% this year.