JPMorgan analyst Doug Anmuth believes the online ad market remained volatile in Q4 and said his checks suggest early holiday ad spending was "solid" compared to low expectations. However, December slowed and lacked the "typical end-of-year budget flush" and marketers are increasingly cautious about their spending in early 2023, Anmuth tells investors in his earnings preview note for the group that includes Alphabet (GOOGL), Meta Platforms (META), Pinterest (PINS) and Snap (SNAP). The analyst, who upgraded Meta shares to Overweight in December, said the stock remains one of his top picks for 2023. He believes Meta’s topline should begin to stabilize, but adds that he would need to see greater cost cuts, a significant Metaverse pullback, or revenue growth back into the double-digits to warrant a materially higher price target than his current $150.
Published first on TheFly
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