JP Morgan sees strong sustainable growth for U.S. internet cos in 2021

Criteo SA (Pre-Reincorporation)

16/12/2020 10:05

** J.P.Morgan says it believes U.S. internet companies are
well positioned in 2021 to deliver strong sustainable growth at
reasonable valuation
    ** Brokerage in a note says it is also bullish on online
advertising and expects the industry growth to re-accelerate in
2021
    ** JPM's top picks in 2021 are Alphabet  GOOGL.O , Facebook
Inc  FB.O , Twitter  TWTR.N , Peloton Interactive  PTON.O  and
Lyft  LYFT.O  
    ** "Looking forward, we expect to see some rotation away
from at-home winners and toward reopening beneficiaries on
vaccine distribution" - JPM
    ** JPM expects Twitter to benefit from increased online
advertising and upgrades to "overweight" from "neutral" 
    ** Says the Alphabet's fundamentals are strong and it
remains a primary beneficiary of the secular shift to online
spending
    ** JPM also revises PTs for the following Internet
companies:
 Company                        Current PT   Prior PT
 Alphabet Inc                   $2050        $1870
 Spotify Technology             $350         $300
 Snap Inc                       $60          $42
 Twitter Inc                    $65          $52
 Pinterest Inc                  $82          $75
 Uber Technologies Inc          $63          $46
 Lyft Inc                       $64          $46
 IAC/Interactivecorp            $175         $165
 Chegg Inc                      $82          $79
 Frontdoor Inc                  $57          $50
 J2 Global Inc                  $120         $105
 Cardlytics Inc                 $110         $82
 Criteo SA                      $15          $12
 EverQuote Inc                  $48          $54
 Eventbrite Inc                 $15          $10
 
 (Reporting By Geetha Panchaksharam)
 ((geetha.panchaksharam@thomsonreuters.com))