Company Update: Google Inc (NASDAQ:GOOG) – Google’s TPU Chip Creates More Questions Than Answers

[at Forbes] – Google’s announcement last week that they developed a custom chip for Deep Learning has created a lot of press and unanswered questions. At the Google I/O developers conference, the company shared that they have been using an internally-developed processor, called a Tensor Processing Unit (TPU), for over a year to Read more on this. Alphabet Inc. (GOOG) , with a current value of $496.21B, started trading this morning at $722.87. Today’s price range has been between $720.31 and $728.31 per share with its 52-week range being $515.18 to $789.87. GOOG shares are currently priced at 21.59x this year’s forecasted earnings, which makes them relatively expensive compared to the industry’s 7.34x forward p/e ratio. According to a consensus of 37 analysts, the earnings estimate of $8.06 per share would be $1.07 better than the year-ago quarter and a $0.13 sequential decrease. The full-year EPS estimate is $33.60, which would be a $4.02 better than last year. The quarterly earnings estimate is predicated on a consensus revenue forecast of $20.75 Billion. If reported, that would be a 17.03% increase over the year-ago quarter. More recently, Pivotal Research Group upgraded GOOG from Hold to Buy (Apr 11, 2016). Previously, Goldman upgraded GOOG from Neutral to Buy. With the above information in mind, readers should note that the average price target is $924.83, which is 27.94% above where the stock opened this morning. See more in (NASDAQ:GOOG) Similar Articles: Company Update: Google Inc (NASDAQ:GOOG) – Google invented this weird-looking gadget to collect people’s medical info Market Update: Google Inc (NASDAQ:GOOG) – Google Express vs. Amazon Prime Now (GOOG, AMZN) Company Update: Google Inc (NASDAQ:GOOG) – Spotify is making a big switch — and it’s a huge win for Google