Google bull heads to sidelines on Amazon worries

|By:, SA News Editor

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.

Source: Bloomberg

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