Citi raised the firm’s price target on Alphabet to $203 from $200 and keeps a Buy rating on the shares. After attending the Cannes Lions International Festival of Creativity, the firm is “incrementally positive” on the broader online advertising macro environment, artificial intelligence innovation, and key growth drivers of the web. Citi emerged with a positive read through across the sector, and raised projections for Meta Platforms (META), Alphabet (GOOGL), Reddit (RDDT), and Pinterest (PINS). It sees an Improving digital advertising market, with generative AI user adoption ramping as marketers prep for an agentic world.
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