Notable internet analyst Mark Mahaney of RBC Capital is a fan of the "FANG" group, but he feels an addition of two names to create "PE FANG" would be more appropriate.
The "FANG" group brings together four of the biggest internet-related names, including Facebook Inc FB, Amazon.com, Inc. AMZN, Netflix, Inc. NFLX and Alphabet Inc GOOG GOOGL.
Little attention is being paid to online travel agency names, despite the fact they are just as much as an internet play, Mahaney said on CNBC's "Squawk Box" on Friday. (See Mahaney's track record here.)
Priceline Group Inc PCLN and Expedia Inc EXPE fall into the "bucket of stocks that work really well and can continue to work really well," he said.
Some investors would be quick to point out a flaw in Mahaney's thesis, namely Expedia's ex-CEO Dara Khosrowshahi's departure to assume the C-suite at Uber. Khosrowshahi is a strong fit for Uber, and the leadership transition at Expedia has been very "smooth," the analyst said.
Expedia's new CEO Mark Okerstrom boasts the necessary experience, including a stint as head of operations, and was in fact "groomed" to be an eventual successor.
"It's not an issue for us. We continue to like the stock regardless which of those two are the CEO now," Mahaney said.
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