Alphabet Inc GOOGL hosted its “Launch Night In” event on Wednesday and announced four new additions to its hardware line including two new Pixel smartphones, a new Chromecast, and Nest Audio market speaker.
With many leaks preceding the event, Google’s product announcements had few surprises, according to BofA Securities.
The Google Analyst: Justin Post reinstated coverage of Alphabet with a Buy rating and a price target of $1,850.
The Google Thesis: Movements in the company’s stock in the fourth quarter will depend on search rather than hardware, Post said.
He expressed optimism around search advertising recovering faster than expected.
See Also: Google Unveils New Chromecast, Pixel Phones And Smart Speaker
4 Product Launches
- Pixel 5: Compared to Pixel 4, the new phone is cheaper and has a more simplified design
- Pixel 4a 5G: Compared to Pixel 4, the latest version is larger and 5G-enabled version
“Overall, we think smartphones will remain a competitive market for Google (many other phones have 5G capabilities at similar price points) and do not anticipate a material change in market share for the Pixel,” the analyst wrote in a note.
- Chromecast: The new version of Chromecast still works as a Chromecast receiver, but also has a new smart TV experience called Google TV.
- Nest Audio: Replaces Home smart speaker unveiled in 2017, is 75% louder with 50% more powerful.
“Overall, we view the products as somewhat of a catch up to peers, with some advantages with search functionality, voice control and Android ecosystem integration,” Post wrote.
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