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![CorleoneDon77 Avatar](https://lunarcrush.com/gi/w:24/cr:twitter::1577382889104318472.png) DonCorleone77 [@CorleoneDon77](/creator/twitter/CorleoneDon77) on x 5318 followers
Created: 2025-07-15 21:09:32 UTC

$GOOGL

Attached is page X of a 9-page Bank of America analyst report on GOOGL issued today entitled:

"Takeaways from ad check call with Inventus Media"

Bank of America has a 'Buy' rating on GOOGL with a $XXX price target.

Bank of America's summary statement regarding GOOGL in the report includes the following:

"Ad spending improved as 2Q progressed:

We hosted Andrew Mclean, founder of Inventus Media to discuss 2Q trends in the Online media ad spend. Overall, Mr. Mclean expects digital ad growth to modestly accelerate in 2Q vs 1Q. 

Our top takeaways include: 

1) 2Q ad activity started slowly in Apr, but rebounded in May & June, and has held up in July with Prime Day related promotions, 
2) 3Q spend is expected to be healthy, with total ad spend growth slightly higher vs 2Q, 
3) Bigger platforms held up better during the April downturn and did well in 2Q, and 
4) Ad measurement and ROIs in the sector are improving, aided by much shorter feedback windows on ad spend performance. 

Based on our checks, strong 2Q eComm spend data, & timing of 1Q reports, we expect upside vs. 2Q consensus ests. for the group except for Snap. We also think Snap would likely have more visibility on 3Q trends than in 2Q.

Sentiment bottomed in April, expecting a solid 3Q:

Mr. Mclean noted 2Q ad spend was bumpy due to the tariff uncertainties, with lower demand in April, but May and June recovered and growth in 2Q ended just slightly lower vs expectations before the tariff uncertainty. For 3Q, Mr. Mclean expects modest acceleration in growth, driven by increasing ad spend ROI due to adoption of new AI tools (e.g., Pmax & Advantage+ etc.) and budget shift to CTV from linear TV.

-- Price objective basis:

Our price objective of $200/$200 is based on 18x 2026E core Google GAAP EPS plus cash per share. Alphabet has traded at an average multiple of 22x GAAP P/E over the last ten years and we think our multiple is reasonable vs history given expectations for double-digit revenue growth, Cloud margin expansion, and opportunity to capitalize on strong AI assets.
 
-- Downside risks are: 

1) loss of search traffic to AI tools from competitors, 
2) LLM integration in search may take longer than expected or negatively impact search revenues, 
3) revenue pressure from compliance with the EU Digital Markets Act (DMA), 
4) adverse judge ruling on the ongoing Department of Justice (DOJ) search distribution trial, and 
5) potential for increasing Capex and lower FCF-given AI investments."

(Page X is not available here as X does not allow me to post pages from reports on this platform)


XXX engagements

![Engagements Line Chart](https://lunarcrush.com/gi/w:600/p:tweet::1945229266880241790/c:line.svg)

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