From Nasdaq:

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 AI initiatives.

Shares of these internet companies have already amassed significant gains: META, UBER, AMZN, and BKNG stocks are up about 197%, 156%, 83%, and 75%, respectively, year-to-date.

Citi analyst Ronald Josey also named AMZN, META, and UBER his top large-cap stocks for 2024. The Street’s consensus rating for these stocks is also positive.

Amazon stock is a Buy according to analysts’ consensus ratings. 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.

All analysts covering UBER stock recommend a Buy. It has a Strong Buy consensus rating and an average stock price target of $64.79 suggests only 2.61% upside potential.

Meta stock has 36 Buy and one Hold recommendations for a Strong Buy consensus rating. The analysts’ average price target of $391.57 implies 9.28% upside potential from current levels.

Booking stock has 14 Buy and five Hold recommendations for a Moderate Buy consensus rating. The analysts’ average price target of $3,524.83 implies a slight downside potential from current levels.

Analyst Scott 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.



Read more: 4 Top Internet Stocks for 2024, According to 5-Star Analyst