Alphabet stock was trading at $99.12 at 11:50 AM EDT
Next week, Google (NASDAQ:GOOG) (NASDAQ:GOOGL) will host a product event where, according to investment firm Monness, Crespi, Hardt, the tech giant will unveil updated models of the Pixel 7 smartphone and its Pixel Watch, the first smartwatch from the company to use both internal and external Google technology.
The firm is likely to benefit from a long-term digital advertising trend, a shift to cloud computing, and the digital transformation, according to analyst Brian White, who has allocated a “buy” rating and a $145 price target on Alphabet’s stock. This will be centered on hardware – something Google struggles with.
The majority of Android-based smartphones are created by companies outside of Google, but White noted in a note to clients that the business has made significant improvements to its own smartphones (and other devices) over time.
The analyst continued by saying that the company has an “increasingly” great chance to use its artificial intelligence expertise across its device line and “create distinctive experiences for consumers.”
GOOG Forecast, Alphabet Stock
Alphabet (NASDAQ:GOOG) (NASDAQ:GOOGL) reported 1 billion. Android phones were activated in 2021 during the company’s I/O developer conference this year. Research firm IDC predicts that the global smartphone market would experience a 6.5% fall this year, reaching 1.27 billion devices. IDC estimates that in the second quarter, Apple held 15.6% of the global smartphone market. Apple (NASDAQ:AAPL), based in Cupertino, California, debuted the iPhone 14 along with updated models of the Apple Watch and AirPods Pro earlier this month.
The Pixel Watch, which makes use of Fitbit technology acquired by Google (GOOG) (GOOGL) for $2.1 billion, and the Pixel 7 and Pixel 7 Pro smartphones have previously been hinted at. Alphabet stock (NASDAQ:GOOG) (NASDAQ:GOOGL) was recently selected by investment firm Citi as one of its top investment selections.
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