Investment Rating - The industry view is rated as Attractive [2] Core Insights - Internet names were flat last week, with notable performances: AMZN increased by 1% due to Prime Day, while GOOGL and META remained flat [2][10] - The report highlights the upcoming 2Q EPS, indicating a cautious market sentiment [2] - AMZN, GOOGL, and META are trading at 29X, 18X, and 26X their 2026 EPS estimates, reflecting changes of -6%, -2%, and +16% compared to the trailing twelve months average [2] Summary by Sections Market Performance - The overall market performance for the Internet sector was flat, with SPX and NDX showing no significant movement [10] - Specific companies showed varied performance: U increased by 11%, while LYFT and CHWY decreased by 8% each [2] Valuation Metrics - The report provides valuation metrics for major companies, with AMZN, GOOGL, and META trading at 3.4X, 5.4X, and 9.7X EV/Revenue for 2025 estimates [4] - The NTM EV/EBITDA for AMZN, GOOGL, and META is 13.8X, 11.5X, and 14.7X, respectively, compared to their historical averages [8] Company-Specific Insights - AMZN's market cap is $2,428,641 million, with a 1-week performance of +0.7% [5] - GOOGL's market cap stands at $2,214,715 million, with a slight increase of 0.4% [5] - META's market cap is $1,858,351 million, showing a minor decline of -0.2% [5] Sector Analysis - The digital ads sector saw a market-cap weighted average performance of 0.0%, while e-commerce had a 0.7% increase [5] - The travel sector's market-cap weighted average performance was 0.1%, indicating stability [5]

June 17, 2025 02:00 PM GMT Internet | North America Where Are We Trading Now: After a Geopolitically Charged Week Internet names fell -1% last week (SPX/NDX flat/-1%) led by AMZN/GOOGL/META -1%/+1%/-2% as geopolitical tensions weighed on the market in the back half of the week. APP -13%, CHWY -14% (post-EPS move), and DUOL -7%. AMZN/GOOGL/ META 30X/17X/25X '26 EPS (-4%/-6%/+12% vs TTM avg). We would greatly appreciate your 5-star vote in the Internet Large Cap and Internet SmidCap categories in this year's ...

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].