Credit Suisse analyst Stephen Ju raised the price target on Alphabet to $145 from $128 and keeps an Outperform rating on the shares ahead of quarterly results. The firm’s conversations with advertisers indicate ongoing downward bias to budgets – specifically whereas prior checks indicated 5%-7% year-over-year growth to digital ad spend, the latest data points suggest that the higher-end of that range is no longer valid while the lower end drops to flat year-over-year. More near term, its checks indicate a modest slowdown in Q4 ad budgets.
Published first on TheFly
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