Evercore ISI's Top Internet Picks For 2022

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  • With interest rates rising and global economies "hopefully opening" in 2022, Evercore ISI analyst Mark Mahaney has a "more muted/ cautious stance" on the internet space, which he calls a "relatively high-growth, high-multiple" sector going into 2022.
  • Within the mega-caps, Mahaney's top picks, in order, are Amazon.com Inc AMZNUber Technologies Inc UBER, and Meta Platforms Inc FB.
  • Within the large-caps, the analyst's top picks, in order, are Roku Inc ROKUChewy Inc CHWY, and Spotify Technology SA SPOT.
  • Within the mid-cap space, Mahaney's top picks, in order, are Bumble Inc BMBLWix.com Ltd WIX, and Duolingo Inc DUOL.
  • The analyst says Amazon is "arguably the single best fundamental asset in Net-land."
  • He believes the company's "massive" 2020 and 2021 infrastructure investments should begin to pay dividends in 2022.
  • For Roku, he views the company's average revenue per user upside as being underappreciated and its supply chain headwinds as transitory.
  • Mahaney views Bumble as a "clear reopening play" with upside to the Street's payer and EBITDA margin estimates. 
  • Price Action: AMZN shares closed lower by 0.82% at $3,393.39 on Monday.
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