Q4 for Meta Platforms, Google likely to show solid ad spend growth, says Truist

Truist keeps a Buy rating on Meta Platforms (META) and Alphabet (GOOGL) with unchanged respective price targets of $405 and $160. In a sector note, the analyst contends that the companies’ Q4 results will likely show solid growth in digital ad spending across Search and Social, noting that growth in the quarter was likely helped by an ongoing recovery in pricing. Conversations with digital ad agencies suggest that demand has been relatively consistent sequentially across Search and Social, helped by Brand spend and eCommerce, while Retail Media has maintained its strong momentum, the firm tells investors in a research note.