Can GOOG, META and SNAP extend gains in 2024 as Ad Market picks up steam?

seekingalpha2023-12-16

With digital advertisement eyeing further recovery and artificial intelligence dominating news, analysts said companies including Alphabet (NASDAQ:GOOG) and Meta Platforms (NASDAQ:META) are expected ...

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Online advertisement, which makes a good chunk of Google and Meta’s sale, has shown stability this year following a disappointing slump in 2022, helping the tech giants report upbeat results for the third quarter. Alphabet posted a 9.5% rise in ad revenue for the third-quarter, while Meta said ad impressions across all its platforms during the quarter increased 31%, although the average price per ad decreased 6%. Wall Street and Seeking Alpha analysts expect that the macro improvement and AI driven initiatives taken by these companies for better targeting and measurement could act as a catalyst for higher ad spending for the year ahead, benefiting Alphabet, Meta, Snap (NYSE:SNAP) and Pinterest (NYSE:PINS). According to brokerage BofA, the global online ad industry is expected to grow 12% to $629 billion in 2024, while Morgan Stanley analysts expect US online advertising growth to accelerate to about 12.5% in 2024 from near 8% this year. J.P. Morgan listed Alphabet as one of its top picks for 2024, with analyst Doug Anmuth expecting improvements in search and YouTube growth based on AI tools, secular shift to digital advertising, continued monetization of YouTube Shorts and favorable comparisons. Similarly, a recent Seeking Alpha analysis pointed out that the “growth of advertising spending on Meta Platform's social-media platforms, improvement with respect to operating income margins and a linked recovery in free cash flow will be narratives for 2024.” Seeking Alpha analysts, Wall Street as well as Seeking Alpha’s Quant ratings are bullish on both GOOG and META and consider them Buy and above. The profitability prospect is lifting the score for both companies. Shares of META have rose more than 160% since the start of the year, while GOOG rose 48% amid solid quarterly numbers and investors’ enthusiasm over AI, easily outpacing 23% rise in the broader S&P Index. A favorable outlook for the advertisement industry also led analysts to have a bullish view on Snapchat-owner Snap and image-sharing platform Pinterest. Although, Meta and Snap in October gave warning regarding volatility and softness in ad demand correlating with the start of the Israel-Hamas conflict and an uncertain economy, investors were still impressed by solid quarterly numbers from PINS and SNAP - an indication that both social media companies are an attractive digital marketing platform for advertisers. Jefferies sees material upside for earnings with increased confidence in ad pricing tailwinds and more durable than expected user growth for PINS, while it raised 2024 and 2025 sales targets by 3% each for SNAP, citing upside revenue drivers including a deeper Amazon, increasing contribution of Snapchat+ and expansion of brand advertising products. Seeking Alpha analysts rated both SNAP and PINS a Buy. However, Seeking Alpha’s Quant ratings are cautious over valuation and view both as Hold. PINS shares gained nearly 40% since its third-quarter results in October, while SNAP rose by over 70%. Overall, SNAP and PINS gained over 90% and 60% respectively so far this year. Earnings Prediction: GOOG is expected to post Q4 EPS of $1.60 on revenue of $85.12 billion, while estimates for META’s revenue and profit are $38.96B and $4.91/share. SNAP is expected to post Q4 EPS of $0.06 on revenue of $1.37B. Revenue and profit expectation from PINS stands at $987.14M and $0.51/share. ETFs to look at : Direxion Daily GOOGL Bull 1.5X Shares (GGLL), Direxion Daily GOOGL Bear 1X Shares (GGLS).   More on Alphabet, Meta Platforms , etc.  If Not For The PR Disaster, Google Gemini Otherwise Could Have Been A Home Run Google: One Of My Top Picks For 2024 Alphabet: Gemini Demo Controversy Overshadows Bigger Problems Meta, TikTok see rise in content removal requests in Malaysia in 1st half of 2023","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2391198296"}