Alphabet's (GOOG) TAM May Be Multiples Of What Analysts Expect - MoffettNathanson
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MoffettNathanson analyst, Michael Nathanson, reiterated his Buy rating on shares of Alphabet (NASDAQ: GOOG) after considering the possibility that Google's total addressable market may include marketing dollars which are not measured vs advertising dollars which are.
He notes that if he expands his definition to include this component of spending, to include all marketing service categories outside of event sponsorships and PR, a US TAM of $382B, 2x the size of US Media, is the result. This would give Google significantly more runway than its current 15.3% share of US advertising dollars and 48.3% share of the internet advertising dollars.
No change to the price target of $925.
Shares of Alphabet closed at $776.22 yesterday.
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