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Bernstein analysts wrote that if the fourth quarter of 2020 was digital advertising s perfect storm, then the first quarter of 2021, and perhaps the rest of the year, will be hurricane season. Undercurrents supporting a strong digital ad year include an accelerating upgrade cycle from image to video, TV ad ripe for picking, and brand spend returning, they wrote. Investor expectations for the 1Q prints are high across the board, though not without a little noise in the run-up to earnings. Some digital ad players had been expecting impact of Apple s privacy change, which goes into effect next week, to have impact in the first quarter. Bernstein analysts noted that the IDFA boogeyman mostly missed 1Q, but an imminent rollout of Apple s policy could well hamper 2Q guidance commentary and management Q&A. ....