Anmuth predicts mobile will "become a bigger tailwind" for Google in the coming quarters, as initiatives such as Enhanced Campaigns and Estimated Total Conversions improve monetization. He also sees YouTube's ad sales benefiting from the use of Nielsen's (NLSN -0.4%) online ratings tags, and says industry talks suggest TV ad buyers want to ramp their online spend.
eMarketer has estimated YouTube's 2013 gross ad sales totaled $5.6B, and that its net revenue take amounted to $1.96B.
He's also upbeat about growing traction for Google's Product Listing Ads (previous), and expects its display ad network business to rebound in 2014 from a "heavily self-inflicted slowdown in 2013" (caused by policy changes).
Meanwhile, Deutsche's Ross Sandler is reiterating a $1,220 PT (established in October), and declares Google "remains at the top" of Deutsche's "must own" 2014 stock list. Sandler expects Q4 results to be slightly above consensus, and predicts both mobile and brand ad sales will ramp in 2014.
With regards to mobile, Sandler notes Facebook's app install ads have become a ~$1B/year business, and thinks the market could represent a "multi-billion dollar incremental opportunity" for Google,