Why This Spotify Analyst Says Streaming Stock Will Be A Winner In 2021

This post was originally published on this site

Evercore ISI analyst Mark Mahaney discussed his top internet stock picks on CNBC’s “Squawk Alley.” 

Evercore ISI initiated coverage on the internet sector this week. Some stocks in the space are positioned for long-term success, Mahaney said

The one at the top of Evercore’s list is Spotify Technology S.A. (NYSE: SPOT), Mahaney told CNBC. 

“We had Facebook in ’18, Netflix in ’19, Uber in ’20. I think that stock this year is Spotify.”

The research firm plans to look at 2022 projections this summer and structural winners at reasonable valuations like Facebook, Inc. (NASDAQ: FB) and Amazon.com, Inc. (NASDAQ: AMZN), the analyst said. 

He named Uber Technologies, Inc. (NYSE: UBER) as a cyclical recovery stock. 

If Evercore is wrong on Amazon and Facebook, “it’s probably because of regulatory risks,” the analyst said. 

One of the biggest points of debate from clients and investors was whether to go with Uber or Lyft, Inc. (NASDAQ: LYFT), he said. 

Investors want companies with global presence and Uber has that, Mahaney told CNBC.

SPOT Price Action: Spotify gained 3.31% Tuesday, closing at $282.34. 

Image by Photo Mix from Pixabay

Latest Ratings for SPOT

Date Firm Action From To
Apr 2021 Evercore ISI Group Assumes Outperform
Apr 2021 Citigroup Upgrades Sell Neutral
Apr 2021 Wolfe Research Initiates Coverage On Peer Perform

View More Analyst Ratings for SPOT
View the Latest Analyst Ratings

© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.