Five-star analyst Scott Devitt of Wedbush has named Amazon (NASDAQ:AMZN), Meta Platforms (NASDAQ:META), Uber (NYSE:UBER), and Booking Holdings (NASDAQ:BKNG) as his top internet picks for 2024. Devitt sees an acceleration in digital advertising and e-commerce growth in 2024, which will support these stocks. Additionally, the analyst believes that META and AMZN will likely benefit from their Artificial Intelligence (AI) initiatives.
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Notably, shares of these internet companies have already amassed significant gains. For instance, META, UBER, AMZN, and BKNG stocks are up about 197%, 156%, 83%, and 75%, respectively, year-to-date.
Moreover, it’s worth highlighting that Citi analyst Ronald Josey named AMZN, META, and UBER his top large-cap stocks for 2024. While both the five-star analysts are bullish about the prospects of these companies, let’s look at the Street’s consensus rating for these stocks.
Is Amazon a Sell or Hold?
Amazon is neither Sell nor Hold. On the contrary, AMZN stock is a Buy according to analysts’ consensus ratings. The solid momentum in its advertising business, investments in AI, and strength in its cloud business will likely support its growth.
The stock has 42 unanimous Buy recommendations from Wall Street analysts, translating into a Strong Buy consensus rating. Moreover, analysts’ price target of $181.05 implies 18.04% upside potential from current levels.
What is the Future Forecast for Uber?
Similar to AMZN stock, all analysts covering UBER stock recommend a Buy. Uber’s focus on cost control, acceleration in trip growth, and continued investments in growth initiatives keep Wall Street bullish.
With 35 unanimous Buy recommendations, Uber stock sports a Strong Buy consensus rating. However, due to the significant growth in its price, the average UBER stock price target of $64.79 suggests only 2.61% upside potential.
What is the Outlook for Meta Stock?
Meta’s aggressive investment in AI, improving user engagement, significant cost reduction, and expected acceleration in digital ads keep analysts bullish about its prospects.
The stock has 36 Buy and one Hold recommendations for a Strong Buy consensus rating. Analysts’ average price target of $391.57 implies 9.28% upside potential from current levels.
What is the Forecast for Booking Stock?
Booking stock is benefitting from solid leisure travel demand, which is driving its gross bookings, room nights, and net income. However, the company faces tough year-over-year comparisons in 2024, which keep analysts cautiously optimistic about its prospects.
BKNG stock has 14 Buy and five Hold recommendations for a Moderate Buy consensus rating. Analysts’ average price target of $3,524.83 implies a slight downside potential from current levels.
Bottom Line
Devitt expects the uptrend in these internet stocks to be sustained in 2024, led by accelerations in digital ad spending, higher e-commerce growth, cost reduction, and AI adoption. AMZN, UBER, and META sport a Strong Buy consensus rating, which strengthens their bull case. However, based on analysts’ average price targets, Amazon stock offers a higher upside potential from its current levels.
