SNAP - Sunny digital ads outlook prompts Cowen target hikes on Facebook Alphabet Snap

A better outlook for digital advertising has prompted Cowen to raise targets on exposed companies, including market leaders Facebook (FB -2.3%) and Alphabet ([[GOOG]] -1.2%, [[GOOGL]] -1.1%). It boosted its target on GOOGL to $2,200 from $1,900, implying 27% upside. Its survey of ad buyers suggests Google Search is the platform with the highest return on investment. It also notes YouTube is expected to gain share of ad budgets through 2022. As for Facebook, it's raising its target to $340 from $330, based on long-term growth of market share. That new target implies 36% upside. Among other target increases for online ad-facing companies: It's increased its target on Snap (SNAP +3.6%) to $62 from $45 (implied 10% upside) saying it's seeing "stable to rising" pricing, and solid engagement despite the TikTok (BDNCE) threat. Twitter (TWTR -2.6%) gets an increase to $48 from $40, though its ROE lags rivals in the

For further details see:

Sunny digital ads outlook prompts Cowen target hikes on Facebook, Alphabet, Snap