Google Inc (NASDAQ:GOOGL) unveiled at Google I/O on Wednesday a new initiative called ‘Android One’ that is designed to help manufacturers build a low-cost, high-quality phone.
The new initiative is set to debut in India this fall, and a worldwide rollout is expected to follow. Android One will design hardware reference models that other manufacturers will be able to refer to when building their smartphones.
According to Reuters, the tech giant is working with three manufacturers to build a sub-$100, Android smartphone designed specifically for the Indian market, which is one of the world’s fastest-growing mobile markets. The low-cost smartphone should feature a 4.5-inch screen, dual SIM cards, an SD card slot and an FM radio. In afternoon trade, GOOG shares were up 1.2% to $571.60. The stock has a 52-week range of $502.80 to $604.83.
Analysts have a consensus price target of $660 on Google, Inc.(NASDAQ:GOOG) which indicates a modest upside. The consensus rating of the stock is a BUY with a score of 2.80. There are currently 10 Hold Ratings, 14 Strong Buy and 20 Buy ratings on the stock.
The most recent analyst action consisted of Argus reiterating their Buy rating and $675 price target on April 21st.
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