Alphabet (GOOG): Show Me The Money - Macquarie
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Macquarie analyst, Ben Schachter, reiterated his Outperform on Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL) after announcing its new suite of products but he is not ready to give the company credit through higher earnings until he sees evidence of adoption.
GOOG is significantly ramping up its efforts in hardware with its own phones, VR headset, and home automation products. The analyst believes the products are mostly me too but, in theory, Google’s unique AI and voice recognition capabilities could be its key differentiator.
That said, the analyst stated "GOOG’s past attempts at hardware (Nexus, Chromebooks, Glass, Nest, etc...) have not amounted to much and given their track record, we are not going to give them the benefit of the doubt on any hardware efforts until we see otherwise".
No change to the price target of $975.
Shares of Alphabet closed at $776.43 yesterday.
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