Google Rolls Out New Smartphones, Streaming Device
Google on Wednesday announced the launch of a few new consumer electronics products, including 2 smartphones, an audio speaker, and a streaming device.
Alphabet’s (GOOGL) wholly-owned subsidiary Google said the 2 new smartphones – Pixel 4a 5g and Pixel 5, will start to sell at $499 and $699, respectively. The tech giant also launched a new Chromecast streaming device and Nest Audio speaker to better compete with Amazon and other players in the smart home market. It has set a $49.99 price for the streaming device and $99 for the Nest Audio speaker.
On Sept. 24, Morgan Stanley analyst Brian Nowak raised the stock’s price target to $1,800 (25.1% upside potential) from $1,760 and reiterated a Buy rating citing the tech giant’s strong hold among U.S. e-commerce consumers.
Citing the research firm’s AlphaWise survey, Nowak said that Google “remains top of funnel” within the U.S. e-commerce consumer behavior. The survey also pointed out that while researching products online, more US consumers visit Google first compared with Walmart and Amazon. (See GOOGL stock analysis on TipRanks).
Overall, the Street has a bullish outlook on the stock. The Strong Buy analyst consensus is based on 32 Buys ratings and 2 Hold ratings. The average analyst price target of $1,781.09 implies upside potential of 21.5% from current levels. Its shares are up about 9.4% year-to-date.
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