Although Google (GOOG) missed on Q4 results, Canaccord Genuity Internet technology analyst Michael Graham maintained his BUY rating on the company and said:

“We believe Google missed numbers almost entirely on currency dynamics with a much smaller impact from unfavorable traffic mix. While results were disappointing, these issues should pass, and underlying growth-predicting metrics were strong.”

He added that, “. . . strong metrics on display advertising, mobile, and Google+ usage reaffirmed our longer-term view on the stock. We also believe absent the Forex (FX) impact and a number of irregular shortfalls, results would have been in line.”

Mr. Graham noted several positive metrics:

Display advertising has revenue that has now reached an annualized run-rate of $5 billion, doubling in less than 15 months

Google+ membership has more than doubled to over 90 million since October

The Android platform, where activations have reached 700,000 per day and total Android devices installed have reached 250 million globally (up from 190 million in October).