Bernstein raised the firm’s price target on Alphabet (GOOG) (GOOGL) to $260 from $210 and keeps a Market Perform rating on the shares. The firm notes that it’s hard to find “obvious” shorts in the digital ad space heading into Q3 earnings season. Mostly solid checks aided by the return of the APAC-ad buying cohort point to momentum continuing in digital ad land following a very strong Q2. Once again, it’ll likely be the size of the beats alongside the usual forward guidance into perhaps a less-than-spectacular holiday season that will determine this quarter’s winners and losers. And AI, Bernstein adds.
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