Does The Street Like Google's Latest Innovations? 3 Analysts Weigh In

Google Inc (NASDAQ: GOOG) (NASDAQ: GOOGL) executives took center stage at its Google I/O (annual developers) conference.

Here are the reactions of three Wall Street Analysts.

JMP: Google One Of The Most Innovative Companies In The World

Ronald Josey commented in a note that Google is one of the most innovative companies globally given its portfolio of products that reach over one billion users and connectivity across all devices, including cars.

Josey noted that he was impressed with the improvements to Android with the upcoming release of its new OS, the launch of Android Pay, an expansion of Android Wear, improvements around predictive search with Google Now, the launch of Brillo and Weave and the company's new "Internet of Things" platforms.

Josey concluded that Google will continue extending its technological and consumer lead both online and offline.

Shares remain Outperform rated with an unchanged $625 price target.

Related Link: Google Unveils Revised Android Pay System, Added Services

UBS: I/O Highlights Google's Growth, Scale, Innovation

Eric Sheridan commented in a note that Google successfully highlighted the continued growth and scale of its consumer platform. The company also revealed new innovations around learning and next-gen computing platforms.

Sheridan said Google's presentation supports his view that Google remains the innovation leader among companies in the Internet sector. The analyst added that the most impressive announcement surrounded Google leveraging its machine-learning technology (including Google Now on Tap) and Google Photos. The announcement is a "key differentiator" and "competitive edge" for Google that it can further improve on over time.

Finally, the analyst pointed out that Google's presentation had a greater focus on virtual reality and "Internet of Things" both of which will nurture the Android ecosystem in the future.

Shares remain Buy rated with an unchanged $670 price target.

Related Link: Google, GoPro Team Up On Virtual Realty; Apple Reportedly Makes Augmented Reality Acquisition

Bank Of America: Android Ecosystem Still Strong

Justin Post commented in a note that Android devices and Google Now "are becoming increasingly more intelligent" with new features that understand context and offer a better user experience. The analyst argued that new features will differentiate Android devices over the long-term and could easily be supported by the company's "massive" capital expenditure spend.

Post also pointed out that Google's Android One initiative will continue providing affordable smartphone devices at scale to the "next billion" users (i.e., those in emerging markets). The company also announced Android Pay, marking a "big improvement" from Google Wallet which will refocus on peer-to-peer transactions.

Bottom line, Google's improvements to its technology platform and "Internet of Things" initiatives will help Android maintain its market share leadership.

Shares remain Buy rated with an unchanged $650 price target.