Market Overview

Google Adds 4 New Products To Hardware Line, But Search Prevails

Google Adds 4 New Products To Hardware Line, But Search Prevails

Alphabet Inc (NASDAQ: 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.

Latest Ratings for GOOG

Aug 2020UBSMaintainsBuy
Jul 2020Raymond JamesMaintainsOutperform
Jul 2020Deutsche BankMaintainsBuy

View More Analyst Ratings for GOOG
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Posted-In: BofA Securities Justin PostAnalyst Color Reiteration Analyst Ratings

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