As the first-quarter (Q1) 2024 earnings season approaches, JPMorgan analyst Doug Anmuth, CFA, remains bullish on the Internet sector, citing fundamental drivers and company-specific performance.
Despite some turbulence, the internet sector has seen a weighted average increase of 23% in stock performance year to date.
Anmuth's key players to watch include Amazon.com Inc (NASDAQ:AMZN), Meta Platforms Inc (NASDAQ:META), and Uber Technologies Inc (NASDAQ:UBER).
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Amazon – Best Idea for 2024
Anmuth maintains Amazon as the top pick, calling it JPMorgan's "Best Idea for 2024". He emphasized its robust fundamentals and growth prospects.
He anticipates accelerated growth in Amazon Web Services (AWS) throughout 2024, fueled by easing optimizations, new workload deployments, and early monetization of General Artificial Intelligence (GenAI).
Additionally, strong growth in North America, improved international profitability, and disciplined cost management contribute to a multi-year Free Cash Flow (FCF) ramp. Investors are eyeing first-quarter net sales of $142B-$144B and AWS growth exceeding 15%, among other key metrics, indicating positive sentiment towards Amazon's performance.
Meta – Room For Upside Potential
Meta's solid first-quarter advertising checks and emergence as an AI leader in the ad sector bode well for the stock. Anmuth also shed light on the role of GenAI (General Artificial Intelligence) in investor discussions. While early benefits are primarily seen in coding efficiencies and cost savings, Meta stands out for its effective use of AI in enhancing its advertising capabilities.
Despite tougher year-over-year comparisons, Meta's revenue is expected to meet or exceed guidance, with a mid-teens growth projection for the year.
With Meta trading at a modest 21x 2025E GAAP EPS, Anmuth sees room for upside potential, especially considering its position relative to other major companies.
On Monday, April 15, Meta won the dismissal of some claims in a dozen lawsuits accusing its CEO Mark Zuckerberg of concealing from the public that Facebook and Instagram were harmful to children.
Uber – Promising Three-Year Outlook
Uber continues to be a favored pick, with its resilience in demand, profitability initiatives, and promising three-year outlook.
Although some key catalysts like GAAP profitability and S&P 500 inclusion have passed, Anmuth believes Uber's shares can still deliver through continued execution and earnings growth.
The company's shift towards absolute profit dollar growth rather than incremental margins aligns with its focus on profitability. Anmuth also sees upside potential in Uber's $7 billion buyback plan running through 2026.
In summary, JPMorgan's outlook for the Internet sector remains bullish, with Amazon, Meta, and Uber positioned as top picks. The integration of artificial intelligence, especially in Meta's case, underscores its potential to drive future growth.
However, cautious optimism is advised, considering potential challenges such as growth deceleration and high valuations in certain cases.
Image: Shutterstock
隨着2024年第一季度(第一季度)業績季的臨近,摩根大通分析師道格·安默斯(Doug Anmuth)以基本面驅動因素和公司特定表現爲由,仍然看好互聯網行業。
儘管出現了一些動盪,但迄今爲止,互聯網行業的股票表現加權平均增長了23%。
Anmuth值得關注的主要參與者包括亞馬遜公司(納斯達克股票代碼:AMZN)、Meta Platforms Inc(納斯達克股票代碼:META)和優步科技公司(納斯達克股票代碼:UBER)。
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亞馬遜 — 2024 年最佳創意
Anmuth堅持將亞馬遜列爲首選,稱其爲摩根大通的 “2024年最佳創意”。他強調了其強勁的基本面和增長前景。
他預計,在放鬆優化、新工作負載部署和通用人工智能(GenAI)的早期盈利的推動下,亞馬遜網絡服務(AWS)在整個2024年將加速增長。
此外,北美的強勁增長、國際盈利能力的提高以及嚴格的成本管理促進了多年的自由現金流(FCF)增長。除其他關鍵指標外,投資者預計第一季度淨銷售額爲142億美元至144億美元,AWS增長超過15%,這表明人們對亞馬遜的表現持樂觀態度。
Meta — 上行潛力的空間
Meta 在第一季度穩健的廣告支票以及成爲廣告領域人工智能領導者的崛起對該股來說是個好兆頭。Anmuth還闡明瞭GenAI(通用人工智能)在投資者討論中的作用。雖然早期的好處主要體現在編碼效率和成本節省上,但 Meta 因有效使用人工智能來增強其廣告能力而脫穎而出。
儘管同比比較更加艱難,但預計Meta的收入將達到或超過預期,預計該年度的增長幅度爲十幾歲。
由於 Meta 的交易價格爲 2025E GAAP 每股收益的 21 倍,Anmuth看到了上行潛力的空間,特別是考慮到其相對於其他大公司的地位。
4月15日星期一,Meta贏得了十幾起訴訟中一些指控的駁回,這些訴訟指控其首席執行官馬克·扎克伯格向公衆隱瞞了Facebook和Instagram對兒童有害的說法。
優步——三年前景樂觀
優步憑藉其需求彈性、盈利舉措和前景樂觀的三年前景,仍然是備受青睞的選擇。
儘管GAAP盈利能力和納入標準普爾500指數等一些關鍵催化劑已經過去,但Anmuth認爲,通過持續的執行和收益增長,優步的股票仍然可以兌現。
該公司轉向絕對利潤增長而不是增量利潤率,這與其對盈利能力的關注一致。Anmuth還認爲,優步到2026年的70億美元回購計劃有上行潛力。
總而言之,摩根大通對互聯網行業的前景仍然看漲,亞馬遜、Meta和Uber是首選。人工智能的整合,尤其是就Meta而言,凸顯了其推動未來增長的潛力。
但是,考慮到某些情況下增長減速和高估值等潛在挑戰,建議謹慎樂觀。
圖片:Shutterstock