US Internet Focus Call on GOOGL and AMZN
January 6, 2023
Why: The first of five stock focus calls, we begin with the super mega caps. AMZN is our Top Pick and GOOGL is #3 in the pecking order, as we believe eCommerce growth should begin to accelerate exiting 2023, and Search should improve throughout the year. We think AMZN is ready to see operating leverage improve, while GOOGL's YouTube responds to new competition with new products (Shorts) and new content (Sunday Ticket, joining AMZN as an NFL streaming partner).