Ahead of Alphabet’s (GOOG) (GOOGL) quarterly results, Wedbush says Street estimates for Q3 advertising growth are achievable, but sees limited opportunity for upside relative to estimates this quarter given mixed feedback for Alphabet in the firm’s Q3 Digital Advertising Survey, recent data and commentary from Skai indicating decelerating Search growth, and possible competitive headwinds impacting YouTube following the launch of Prime Video ads earlier this year and continued growth in digital video ad inventory more broadly. The firm expects Google Search growth of +11.5% year-over-year in Q3 and YouTube Ads growth of +11.5% year-over-year, slightly below consensus of +11.9% year-over-year. Wedbush has an Outperform rating on the shares with a price target of $205.
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