摩根士丹利：互联网行业 - 2025 年第一季度盈利预览

Investment Rating - The industry view for the Internet sector in North America is rated as Attractive [4][36]. Core Insights - The report highlights potential upside surprises in earnings for several companies, including Bumble Inc., Chewy Inc., Match Group Inc., and Trade Desk Inc. [6][8]. - Conversely, companies like Alphabet Inc., Meta Platforms Inc., and Airbnb Inc. are expected to face downside surprises in their earnings [6][8]. - The report emphasizes the importance of visibility versus valuation in the current market environment, suggesting that investors should consider both factors when making investment decisions [1]. Summary by Company - Airbnb Inc (ABNB.O): Rated Underweight, price at $112.64 [65]. - Alphabet Inc. (GOOGL.O): Rated Overweight, price at $153.33 [65]. - Amazon.com Inc (AMZN.O): Rated Overweight, price at $174.33 [65]. - Booking Holdings Inc (BKNG.O): Rated Equal-weight, price at $4,540.84 [65]. - DoorDash Inc (DASH.O): Rated Overweight, price at $179.39 [65]. - Expedia Inc. (EXPE.O): Rated Equal-weight, price at $152.57 [65]. - Chewy Inc (CHWY.N): Rated Overweight, price at $34.76 [67]. - Meta Platforms Inc (META.O): Rated Overweight, price at $502.31 [65]. - Uber Technologies Inc (UBER.N): Rated Overweight, price at $73.06 [65]. - Snap Inc. (SNAP.N): Rated Equal-weight, price at $7.74 [65]. - Pinterest Inc (PINS.N): Rated Equal-weight, price at $25.45 [65]. - Roblox Corporation (RBLX.N): Rated Overweight, price at $59.09 [67]. - Yelp Inc (YELP.N): Rated Underweight, price at $33.55 [67].