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Meta is top internet idea at UBS for Q1 earnings season; Google also expected to beat

AuthorSenad Karaahmetovic
Published 04/06/2023, 09:56 AM
Updated 04/06/2023, 10:02 AM
© Reuters Meta (META) is Top Internet Idea at UBS for Q1 earnings season; Google also expected to beat

By Senad Karaahmetovic

UBS analysts have previewed the Q1 earnings season as far as U.S. internet stocks covered by the Swiss broker are concerned.

UBS’ pecking order is Meta Platforms Inc (NASDAQ:META), Pinterest (NYSE:PINS), Alphabet (NASDAQ:GOOGL), and Snap (NYSE:SNAP).

Meta, in particular, is reaffirmed as a Top Pick as UBS believes the 2024 consensus looks “low”. As a result, the analysts hiked the price target to $280 per share.

“We see key underappreciated factors: (1) Advantage+ is driving ROAS back towards pre-IDFA levels; (2) engagement data continues to improve; and (3) cost cutting work remains ongoing,” the analysts wrote in a client note.

They also expect better-than-expected Q1 results from Alphabet, driven by the Google Websites outperformance. The price target is hiked to $123 per share.

“We see GOOG as having the largest potential for surprise in 1Q, when we model EBIT of $18B (including restructuring charges) (vs Street at $16.3B). Tactically we see the most potential upside surprise at GOOG (revs and EBIT),” the analysts added.

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