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Google I/O Recap: What Wall Street Thinks

The company also provided an update to its $35 Chromecast streaming media device, allowing users to be on different Wi-Fi networks to cast content to the television.

Mountain View, Calif.-based Google also unveiled new initiatives catered toward enterprise users such as Android for Work, which allows users to edit Microsoft Office documents in Google Docs. Google Drive now offers unlimited storage for enterprise customers at $10 per user per month.

Taking another page from Apple, Google previewed Google Fit, which is an open API (application programming interface) that will work with various fitness apps and devices.

Wall Street analysts were largely positive on the announcements, with some noting that Google seems more keenly aware of cutting down on Android fragmentation. Here's what a few of them had to say.

UBS analyst Eric Sheridan (Buy, $665 PT)

"During the keynote session of Google's annual I/O developer conference, the company  introduced a roadmap for Android/Chrome with a focus on the themes of contextually  aware, voice-enabled, seamless, & mobile-first. In our view, the two dominant themes  were: a) less fragmented Android ecosystem to maintain Google's global momentum in  mobile OS adoption; & b) extension of the Android/Chrome ecosystem into the  categories of wearables, health care, in-home TV viewing, autos & a broader adoption  of Chrome & Google Apps in the key verticals of education & enterprise. We continue  to believe that Google provides long-term investors with the greatest level of exposure  to the themes of Internet access growth and the global adoption of mobile computing."

JMP Securities analyst Ronald Josey (Market Outperform, $695 PT)

"Google I/O confirms our view that it is one of the most innovative companies globally and that the focus on connecting everything through Android likely extends its leadership position on and off the web. We believe Google is embedding the following four key principals for Android-based devices: 1) be contextually aware; 2) enable voice recognition; 3) seamlessly interact across devices; and 4) operate under a mobile first paradigm. After demonstrating Android Wear, Android Auto, Android TV, and Nest products, among others, we believe Google is creating a 'must have' ecosystem across most aspects of our lives, built through Android."

-- Written by Chris Ciaccia in San Francisco

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