Stephens analyst Kyle Evans said he viewed Google's (GOOGL) announcement yesterday about plans to phase out browser cookies by 2022 as widely anticipated. Although this news may be a slight negative for Rubicon (RUBI) and Telaria (TLRA), as it could shift some targeting premiums on certain inventory away from sell-side of the ad ecosystem, he believes the concerns are overblown and sees both being in an excellent position to benefit longer term from supply chain optimization, the connected TV tailwind and their pending merger. Evans, who keeps his Overweight ratings on both Rubicon and Telaria but put his price targets on their shares under review, sees limited impact to the ad tech group as a whole from the Google announcement. Other advertising technology companies he covers include LiveRamp (RAMP) and Trade Desk (TTD).

Stephens analyst Nicholas Zangler lowered the firm's price target on LiveRamp to $58 from $67 and keeps an Overweight rating on the shares. Though Q4 performance was "solid," the near-term outlook calling for 17% revenue growth in Q1 and 15%-18% for FY23 is likely to disappoint investors looking for a return to 25% revenue growth, Zangler contends. He is reducing his FY23 revenue and adjusted EBITDA estimates following the report, Zangler noted.

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On the Ads & Commerce Blog, Jerry Dischler, Vice President / General Manager, of Google Ads wrote in part: " Technology is powering more business growth around the world than ever before. And new consumer behaviors are redefining the role technology plays in everyday life...Consumers are turning to Google Search and YouTube more than ever for help with purchase decisions. In fact, we see over one billion shopping journeys happen across Google every day, When it comes to shopping on Google Search, we've made the experience more natural and intuitive...However, nothing can quite replace seeing a product in person or bringing it home to try out. Augmented reality, AR, on cameras gets us close, and shoppers are ready for it. More than 90% of Americans currently use, or would consider using, AR for shopping. Soon, merchants will be able to have 3D models of their products appear directly on Google Search, allowing shoppers to easily see them in their spaces...Using Performance Max campaigns - along with a product feed - you'll be able to drive more online loyalty sign-ups across YouTube, Display, Search, Discover, Gmail and Maps. Starting today, your Video action campaigns and App campaigns will automatically scale to YouTube Shorts...Performance Max campaigns are a powerful tool for helping you meet consumers where they are across Google channels. In fact, advertisers that use Performance Max campaigns in their account see an average increase of 13% total incremental conversions at a similar cost per action. We're announcing six upcoming additions," said Google, including more tools for experimentation, like A/B tests to see how Performance Max is driving incremental conversions expanded campaign management support in Search Ads 360 and the Google Ads mobile app and support for store sales goals... "At Google we're driven by a shared goal: to be the most helpful company in the world," noted the company in a statement. Reference Link

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KeyBanc analyst Justin Patterson lowered the firm's price target on Snap (SNAP) to $27 from $45 and keeps an Overweight rating on the shares. Following a guidance update on Monday, the analyst also lowered his SNAP 2022/2023 revenue by 4%/7%, EBITDA by 36%/35%. While management's caution around the macro is notable given the implied pace of deceleration, his checks suggest some of this is idiosyncratic to Snap. Patterson believes this will reset Street forecasts and bring second half of 2022/2023 consensus to more reasonable levels. Further, the analyst thinks near-term, Snap's update will pressure the entire group. His sense is large - Alphabet (GOOGL), Meta (FB) - and CTV - Trade Desk (TTD), Roku (ROKU) - advertisers should hold up better, while smaller social - Pinterest (PINS), Twitter (TWTR) advertisers could face incremental pressure.

Piper Sandler analyst Thomas Champion lowered the firm's price target on Snap (SNAP) to $30 from $50 and keeps an Overweight rating on the shares after the company revised expectations with Q2 revenue and EBITDA trending below the prior guidance range. Snap's CEO noted a number of macro issues, says Champion, who lowered estimates following the guidance cut. The updated outlook is a negative read on digital advertising, and peers like Meta Platforms (FB) and Alphabet (GOOGL) were also under pressure after market, Champion tells investors in a research note. While Snap's near-term outlook is "certainly more negative," management "made the right move here in being transparent about the current trends in the business," he adds.