Alphabet's (GOOG, GOOGL) ad growth faces pressure from Amazon (NASDAQ:AMZN), says BMO's Daniel Salmon, downgrading to Market Perform from Outperform. He also slashes his price target to $880 from $1,005.
Amazon's ad business, he says, is gaining significant momentum, and should grow 65% this year to $3.5B. He names Amazon a top pick and boosts the price target to $1,200 from $900, suggesting nearly 35% upside from last night's close.
GOOG -0.8%, AMZN +0.1% premarket