More Gains Ahead For GOOG Stock
Alphabet Inc (NASDAQ:GOOG) stock touched a record high of $804.63 yesterday and closed the session at $801.56. GOOG stock has returned about 20% over the past year, as compared to the broader S&P 500, which has returned around eight percent in the same period. Google stock has been gaining on the back of a series of good news.
Google’s new “Pixel” smartphone has received very good reviews, with many reviewers impressed by its built-in feature, “Google Assistant,” which is the distinguishing feature of the Pixel. Working as as a researcher or a translator, Google Assistant’s speech-to-text recognition is outstanding. The Pixel is also ready for Google’s virtual reality (VR) platform, “Daydream,” which makes the smartphone unique in its class.
As explained by a reviewer, the Google Pixel “offers the look and competence of an iPhone, with a truly great camera and loads of innovative software and services.” (Source: “Review: Google Pixel,” Wired, October 18, 2016.)
With the built-in Google Assistant being touted as better than Apple Inc.’s (NASDAQ:AAPL) “Siri,” the competition with Apple takes an interesting turn. It was said that the “iPhone” maker shall gain on the back of losses by Samsung Electronics Co Ltd. However, it may not be an easy ride now, with Google’s Pixel arriving soon. Google Assistant is said to be better at doing on-phone tasks like launching an app, creating notes, or playing music, which is good for Pixel sales and Google stock.
Alphabet is likely to gain from the losses of Samsung’s “Galaxy Note 7.” Ahead of the holiday season, the search company’s move into hardware is likely to reap rich rewards. With good demand for Pixel smartphones, GOOG stock shall see further uptrend.
With professional reviews calling the Pixel the best “Android” phone on the market, and Google Assistant turning out to be better than Siri, Google stock shall be the final gainer.
Analysts have been bullish on Google stock, which enjoys a consensus rating of “buy” and the average price target hovering around $940.00.
Google has been dominating search and online advertising space for a long time. All eyes are now on the demand for its new set of gadgets revealed early this month. As consumers look forward to the new Pixel arriving Thursday, an upside in smartphone sales should take GOOG stock up further.