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RBC Capital Markets technology analyst Jordan Rohan reiterated "outperform" ratings on Internet search giants Google and Yahoo!, as an expected acceleration on web activity this fall drives advertising revenue.

The analyst said warm weather and the early summer's World Cup soccer tournament impacted Google (nasdaq: GOOG - news - people )'s second quarter on the international front, and that the third quarter figures to bring an easier year-over-year earnings environment. Analysts are forecasting $2.42 per share for the September quarter, up from $1.51 a year ago.

"We believe investors will return to Google once there is some talk of business acceleration, and that there is a high likelihood of international upside this quarter," Rohan wrote in a research note Monday. He also noted that the company continues to steadily increase minimum bids to advertisers for many keyword searches.

Google's stock currently trades at just over $380 per share, 20% off the $475 high it hit on Jan. 11. Google shares last closed above $400 on July 17.

Meanwhile, Yahoo! (nasdaq: YHOO - news - people ) figures to benefit from increasing Internet ad volume and from its ability to provide streaming video, according to Rohan, who looks for an EBITDA of between $2.3 billion and $2.6 billion for 2007. A share valuation of 10 times the blended expected earnings for 2007 and 2008 is "attractive," Rohan wrote.