Mark Mahaney, Managing Director and Head of Internet Research at Evercore ISI, appears on Catalysts to discuss stocks to watch in the technology sector ahead of major earnings releases this week.
“We've seen big gains in a number of these stocks. I call them the Super Six. They are Google (GOOG, GOOGL), Amazon (AMZN), Meta (Mega), [Platforms] “(META), Netflix (NFLX), Spotify (SPOT), The Trade Desk (TTD). All of them are up 30-60% year to date. That said, if you're rising at a reasonable valuation since the start of the year, rather than dropping and rising from a low, as happened last year, it's hard to outperform significantly. So I want to be selective here,” Mahaney explains.
He is bullish on Alphabet, citing its product cycle and the growth of its YouTube platform, and named Uber (UBER) as his No. 2 pick. “I think the stock has been wildly volatile recently because of robotaxis and the fear that they're going to disrupt ride-sharing. I don't think that's the case. I think robotaxis will be part of the ride-sharing solution,” he said.
Meanwhile, Mahaney doesn't include Amazon in his top three tech stocks, despite maintaining a “buy” rating on the stock. He explains: “I was a little concerned because the retail sales data was iffy. April and May were weak, but June was a big success, so maybe that's not the case. Amazon's retail business is probably fine…”
Read the full interview with Mark Mahaney of Catalysts.
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This post was written by Melanie Leal
