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2024-06-29 13:16:04 +0300

JPMorgan Reiterates Amazon, Booking, and Uber as Top Internet Stocks to Own

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© Reuters. JPMorgan Reiterates Amazon, Booking, and Uber as Top Internet Stocks to Own

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By Senad Karaahmetovic

JPMorgan analyst Doug Anmuth revisited the banks research coverage of Internet stocks to cut estimates and price targets on 26 companies to reflect macro pressures, FX, & company-specific dynamics.

The analyst notes a deteriorating macro environment amid surging fuel prices and high inflation, while JPMorgan economists see a 66% chance of a recession over the next two years and an 83% chance over the next three years.

The Internet sector continues to have secular growth, but it is far more mature than in 2008-2009, and the ability to offset broader, macro trends is more limited. As a result, all of our companies are at risk in a slowing environment. Our biggest estimate reductions come in Online Advertising & ECommerce, though we are also reducing numbers across Subscription/Online Education, Online Travel, Rides & Food, & Work Related names in anticipation of a weaker operating environment in 2H22 & into 2023, Anmuth told clients in a note.

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