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JPMorgan’s analyst team reviewed over 50 Internet companies, as they reported their fourth-quarter earnings.
Their top large-cap picks are Amazon.com Inc. (NASDAQ:AMZN), Meta Platforms Inc (NASDAQ:META) and Uber Technologies Inc (NASDAQ:UBER).
But a trio of top Internet small and mid-cap (SMID) picks have over 50% upside potential. Here are the investment theses for each of these stocks.
Carpenter rates Match (NASDAQ:MTCH) as ‘Overweight’ and sets a price target of $55, suggesting a noteworthy 53% upside.
The rationale behind this optimistic outlook includes the anticipation of Tinder payers returning to growth. As the company shifts its focus from price optimizations to product and marketing, Carpenter expects positive trends with net add losses peaking in 4Q23 and turning positive in 3Q24.
The growth of Hinge, recent product launches, and an undemanding valuation further contribute to Match’s appeal.
MTCH Price Action: Match stock was trading at $35.20 at the time of publication.
Also Read: Match Group Beats On Q4 Earnings, Authorizes $1B Share Buy-Back
JPMorgan assigns an ‘Overweight’ rating to Roku (NASDAQ:ROKU), projecting a $100 price target and indicating an impressive 58% upside.
Carpenter underscores Roku’s leading position in the US TV streaming platform, boasting 80 million active accounts streaming over 100 billion hours. The bullish thesis centers around Roku’s significant advertising opportunity, especially as TV viewing shifts towards streaming. Carpenter anticipates a closing gap between streaming’s share of TV viewing time and ad budgets, making Connected TV a rapidly growing ad medium.
Roku, with its scale and engagement, is well-positioned to capitalize on this trend.
ROKU Price Action: Roku stock was trading at $61.39 at the time of publication.
Also Read: VIZIO Faces Analyst Downgrades Amid Walmart Acquisition, Impact On Roku
EverQuote (NASDAQ:EVER) is deemed a levered play on the auto carrier recovery, and JPMorgan rates it ‘Overweight’ with a $25 price target, indicating a substantial 56% upside.
Carpenter points out that the auto carrier recovery appears broad-based, minimizing the risk of a pullback. Notably, about eight to nine of EverQuote’s top 10 carriers are indicating plans for growth in 2024. Carpenter expects revenue acceleration throughout 2024, projecting a growth improvement from -25% Y/Y in 1Q to +50% in 4Q.
Additionally, he anticipates EverQuote’s margins returning to pre-hard cycle levels as carrier spend normalizes.
EVER Price Action: EverQuote stock was trading at $15.51 at the time of publication.
Carpenter’s analyses provide investors with valuable insights into these internet tech stocks, showcasing the potential for strong returns. With each stock presenting a unique investment thesis, they collectively offer a diverse range of opportunities for those seeking growth in the tech sector.
Now Read: JPMorgan’s Neovest Expands Hedge Fund Horizons – Acquires LayerOne for Enhanced Investment Platform
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