Alphabet’s (GOOGL) Google and Jio Platforms have teamed up to build a cheap smartphone for the Indian market in an effort to bridge the digital gap in the country where hundreds of millions of people are yet to come online.
The smartphone, called JioPhone Next, is expected to debut later in the year. Google and Jio teams are working on the device and have partnered with Snap (SNAP) to include its India-specific Snapchat camera feature in the phone.
“A fast, high-quality camera is a must-have feature for today’s smartphone users,” Google said in a blog post.
The JioPhone Next will have the ability to translate content and read it out to users in their language. That is meant to help those who might be unable to read on their own. Moreover, users will be able to operate the phone with voice commands through Google Assistant.
In addition to the JioPhone Next project, Google also secured a broad cloud computing deal with Jio to use Google Cloud to power its 5G services. The deal also includes migrating services such as JioMart, JioSaavn, and JioHealth to Google Cloud. Google did not disclose the pricing or financial details of its cloud contract with Jio. (See Alphabet stock chart on TipRanks).
Tigress Financial analyst Ivan Feinseth recently reiterated a Strong Buy rating on Alphabet stock and assigned it a price target of $3,185. Feinseth’s price target suggests 30% upside potential.
The analyst noted that Alphabet’s share price will continue to benefit from factors such as increased spending on online ads, cloud business growth, and expanding margins.
Consensus among analysts is a Strong Buy based on 28 Buys and 2 Holds. The average Alphabet analyst price target of $2,785.97 implies 13.71% upside potential to current levels.
GOOGL scores a 9 out of 10 on TipRanks’ Smart Score rating system, indicating that the stock has strong potential to outperform market expectations.
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