Alphabet price target lowered to $173 from $209 at UBS

UBS lowered the firm’s price target on Alphabet (GOOG) to $173 from $209 and keeps a Neutral rating on the shares. Advertisers have begun to shift dollars out of upper funnel into lower funnel campaigns, and similar to the 2022-2023 playbook there is migration of budgets out of smaller platforms into larger, the analyst tells investors in a research note. The shifting policy environment is resulting in marketer inability to set business plans, impairing visibility for 2025 digital ad budget growth.