Club names Alphabet , Meta Platforms, and Amazon are best positioned to dominate the online advertising landscape this year, according to a new Wall Street survey. The results affirm our bullish stance on these three Big Tech giants. Based on the responses from its latest U.S. survey of ad buyers, TD Cowen analysts said Tuesday they believe Google-parent Alphabet can maintain its leadership position in digital ads. They added that YouTube should be able to take incremental share this year. The survey, which was conducted at the tail end of last year to gauge 2024 ad trends, found advertisers favored Google Search for several reasons, especially because the platform delivers the highest return on investment. Google Search was the platform of choice among ad buyers for its best-in-class measurement tools and generative artificial intelligence tools, according to the Cowen survey. Analysts estimate that Alphabet’s gross revenue for the fourth quarter will grow 12.8% year-over-year to $85.8 billion. The firm increased its price target on the stock to $170 per share from $155 and reiterated its buy-equivalent outperform rating. GOOGL 5Y mountain Alphabet 5 years Jim Cramer on Tuesday noted the fundamental strength and was also excited about Alphabet stock from a technical standpoint. “Alphabet may be ready for its next move” higher, based on what he called “one of the greatest charts” he’s since in a long time. The stock has quietly been pushing towards its November 2021 all-time closing high of nearly $150 per share. Shares closed 1.5% higher in Tuesday’s session at almost $141 apiece. We’re encouraged by YouTube, which became home of the NFL Sunday Ticket this season. Advertising is how Alphabet makes most of its money. The third quarter saw better-than-expected YouTube ad revenue and Google Search revenue. The advertising dominance is one of the reasons we’re sticking with Alphabet stock. We also like what we’re seeing from Alphabet’s growing Services business,…
Read the full article here