Needham names Alphabet (GOOG) as one of its Top Picks among FAANG stocks for 2024. The firm has also kept its price target on the stock at $160 and also kept a Buy rating on the shares. The firm believes that auto, media and entertainment industry, and travel ad spending are set to rebound next year, with political ad spending also set to add new dollars, the analyst tells investors in a research note. Alphabet has also said it will finally begin to “deprecate cookies” in Chrome beginning in Q1, which may disrupt ad spending across the rest of the digital advertising landscape in 2024 – comparable to when Apple (AAPL) implemented a similar change in 2020, Needham adds.
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