Evercore ISI analyst Mark Mahaney is making three tactical calls into the quarterly reports from the Internet Large Cap group, adding Expedia (EXPE) and Alphabet (GOOGL) to the firm’s “Tactical Outperform” list and adding Airbnb (ABNB) to the firm’s “Tactical Underperform” list. For Alphabet, the firm sees “a stock that has underperformed intra-quarter,” with “relatively modest Street expectations” for Search, YouTube, and Cloud revenue growth in Q3, the analyst tells investors. The analyst, who views the Street’s Q3 gross revenue and advertising revenue estimates as “fairly reasonable,” thinks the parent of Google could “print a Modest Beat & Bracket Q3.”
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