Google Inc (NASDAQ:GOOG) held its annual conference, the I/O Conference, last week and the event appears to have gone down well. Despite not making any groundbreaking announcements, analysts as a whole were happy with the conference and have been upping their Google Inc (NASDAQ:GOOG) price targets.
The latest boost comes from Barclays PLC (NYSE:BCS) (LON:BARC) who set a new price target of $1000 on the web company on its I/O conference offerings. The big movers, for the analysts at least, were the sustained improvements to the company’s services and the hope for future products.
The two major services announced by Google Inc (NASDAQ:GOOG) were its messaging service Google Hangouts, and its new music streaming service. The incremental increases in the quality of the company’s products were also important, including the company’s redesigned Google Maps, and several updates it made to its social network, Google+.
Barclays PLC (NYSE:BCS) analysts think that the latest offerings from Google Inc (NASDAQ:GOOG) will contribute to increasing usage of Google Inc (NASDAQ:GOOG) products, and that can only be a good thing for the Mountain View, California-based company. The conference, according to the report, “reinforced its position as the leader in web services.”
That means a brighter future for Google Inc (NASDAQ:GOOG) and its investors. Analysts also point to good things coming out of Google Inc (NASDAQ:GOOG) in the years to come, which could add exponentially to the company’s tech power. The two most important products in this category are the company’s wearable computer, Google Glass, and the self driving cars the company has been working on for years.
On today’s market, shares in Google Inc (NASDAQ:GOOG) trended down a fraction and were trading at $907.86 at time of writing. So far in 2013, shares in the search giant have done exceptionally well, increasing in value by more than 28 percent. Google Inc (NASDAQ:GOOG) is one of the hottest companies on the tech market this year, despite its immense size, and its relatively lackluster catalog of new offerings.
Google Inc (NASDAQ:GOOG) is a major tech player, and despite that the Barclays PLC (NYSE:BCS) (LON:BARC) analysts think that the company’s shares are still relatively undervalued. The broader large cap web market trades at around 35X earnings. The $1000 price target on Google Inc (NASDAQ:GOOG) puts the company at just 21 times earnings, discounted because of the company’s size.