Alphabet (GOOG) PT Raised to $2,200 at Cowen as Ad Survey Offers Insight into Buyer Behavior

Cowen analyst John Blackledge raised the price target on Alphabet (NASDAQ: GOOG) to $2,200.00 (from $1,900.00) while maintaining a Outperform rating after conducting an online Ad buyer survey that offered 3 takeaways:
i) Alphabet (NASDAQ: GOOGL) Search remains highest ROI platform
ii) YouTube expected to gain ad budget share '20-'22
iii) GOOG Search offers best measurement (ahead of YouTube & Core FB)

The analyst stated "we estimate GOOG's share of WW Digital Adv. will rise slightly from 39.1% in '21 to 39.6% in '26, as we expect an 13.8% CAGR for GOOG's net ad rev '21-'26 (rising to ~$257BN in '26) vs. WW Digital ad market (x-China) expected growth of 13.5% CAGR over the period. GOOG's ad rev will be driven largely by Mobile Search, YouTube, & Ad tech".

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