Google (Nasdaq: GOOG) Earnings "All But Irrelevant" Despite Analyst Noise

"Contrary to what the rest of the world believes, Google earnings are all but irrelevant except in the very short term."

GOOGThis is what Money Morning Chief Investment Strategist Keith Fitz-Gerald told me about GOOG today. He knows Google Inc. (Nasdaq: GOOG, GOOGL) well. He has followed the tech giant since its founding in 1998.

Fitz-Gerald knew years ago that Google would be pushed to break up eventually - a prediction realized last week when the EU filed antitrust charges against Google on April 15 (see here - seriously, a good call).

We spoke today because GOOG earnings are set for release after the bell tomorrow. This is right about when the simmer of analyst and media noise is really coming to a head.

SunTrust lowered its price target on GOOG stock on Tuesday from $675 to $650; Vetr upgraded GOOG shares from "Buy" to "Strong Buy" in a research report on Monday; analysts at RBC Capital set a $630 GOOG price target on April 15, and gave the company an outperform rating.

Speculative media headlines amassed in kind. "Investor Concerns Over Google Are 'Valid' but 'Baked In'" from Benzinga; "EU and Competition Will Weigh on Earnings" from Seeking Alpha; "Google Under Fire" from Yahoo! Finance; "Why Google Investors Should Be 'Cautious' Before Earnings" again from Benzinga.

Fitz-Gerald invites you to ignore it all.

"What Google does at its core - information management - is such a bigger, broader topic than a myopic quarterly view earnings give you," Fitz-Gerald said. "Instead, analysts should be looking ahead 10-15 years to judge investing in Google stock."

He says Google earnings will do what they always seem to do - affirm the company's strength.

GOOGIn fact, a long-term upward revenue trend over the long term has become a tradition for the Silicon Valley giant.

In 2014, full-year GOOG revenue came in at $66 billion, a 19% increase year on year. It grossed $57.86 billion in 2013, $50.18 billion in 2012, and $37.91 billion in 2011.

"You can buy a lot of Google stock at $540 a share, or you can buy a house," Fitz-Gerald said. "But what I recommend is buying a few shares in GOOG and tucking them away for the long term."

The Bottom line: Google (Nasdaq: GOOG) is a legacy stock that's only going to go up from here, regardless of the EU antitrust action and analyst noise. (In fact, Fitz-Gerald predicts the antitrust suit in Europe could end up making Google stock even more valuable - see here.)

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