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Top Internet Analyst Reveals No. 1 Stock Pick

If you are looking for a way to make some money in this volatile market, Citigroup Internet analyst Mark Mahaney thinks Priceline.com is the way to go. In fact, he told the Fast team it’s his number one pick.

“This is sustainable 30 percent earnings grower over the next three years,” Mahaney said. With its 17 P/E multiple, “that’s a rare combination. You can buy the stock at a discount to its growth rate.”

Share of Priceline.com were up Tuesday after the online travel company reportedbetter than expected third quarter earnings Monday after the bell.

Mahaney admits there are a lot of headwinds the company is currently facing, like its exposure to Thailand, which is flooding, and Europe. But that only makes the company’s earnings more impressive.

Plus, he pointed out, those headwinds are temporary.

“Think about what could happen to growth rate as you work through those headwinds,” he said. “We’re not going to have flooding in Thailand forever, the European market eventually recovers. That is a pretty vibrant leisure travel market and this company is really well-positioned. Why? Because it’s the low-cost provider in the online travel space [and a] very good execution story.”

While Fast trader Zach Karabell agrees Priceline is “best in breed,” he’s not a buyer because other charts in the travel business like airlines and hotels are “terrible.”

“I would just rather stay away,” he added.

If you are wondering what Manahey’s number two pick is, it’s Amazon.com.

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Trader disclosure: On November 8, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Gartman’s fund is long JRCC; Gartman’s fund is long AAPL; Gartman’s fund is long SU; Gartman’s fund is short MFLY; Gartman is short S&P futures; Gartman is short Euro; Gartman is long gold futures; Dicker owns RIG; Dicker owns GLD; Dicker owns HP

For Patty Edwards
Trutina Financial is long AAPL
Trutina Financial is long GLD
Trutina Financial is long INTC
Trutina Financial is long AMZN
Trutina Financial is long MSFT
Trutina Financial is long GOOG
Trutina Financial is long MCD
Trutina Financial is long DIS

For David Palmer
UBS AG, its affiliates or subsidiaries beneficially owned 1% or more of a class of the following companies' common equity securities as of last month`s end (or the prior month`s end if this report is dated less than 10 days after the most recent month`s end): McDonalds

For Mark Mahaney
Steven J Fullerton, Associate, holds a long position in the securities of Google Inc.

Neil A Doshi, Associate, holds a long position in the securities of Google Inc.

A member of the household of Andy J. Wu, Associate, holds a long position in the securities of Google Inc.

Citigroup Global Markets Inc. or its affiliates beneficially owns 1% or more of any class of common equity securities of Netflix Inc, eBay Inc. This position reflects information available as of the prior business day.

Within the past 12 months, Citigroup Global Markets Inc. or its affiliates has acted as manager or co-manager of an offering of securities of Google Inc.

Citigroup Global Markets Inc. or its affiliates has received compensation for investment banking services provided within the past 12 months from Google Inc, Orbitz Worldwide Inc, eBay Inc.

Citigroup Global Markets Inc. or its affiliates expects to receive or intends to seek, within the next three months, compensation for investment banking services from eBay Inc.

Citigroup Global Markets Inc. or an affiliate received compensation for products and services other than investment banking services from Priceline.Com Inc, Amazon.com Inc, Expedia Inc, Google Inc, Orbitz Worldwide Inc, eBay Inc in the past 12 months.

Citigroup Global Markets Inc. currently has, or had within the past 12 months, the following as investment banking client(s): Google Inc, Orbitz Worldwide Inc, eBay Inc.

Citigroup Global Markets Inc. currently has, or had within the past 12 months, the following as clients, and the services provided were non-investment-banking, securities-related: Priceline.Com Inc, Amazon.com Inc, Expedia Inc, Google Inc, Orbitz Worldwide Inc, eBay Inc.

Citigroup Global Markets Inc. currently has, or had within the past 12 months, the following as clients, and the services provided were non-investment-banking, non-securities-related: Priceline.Com Inc, Amazon.com Inc, Expedia Inc, Google Inc, Orbitz Worldwide Inc, eBay Inc.

Analysts' compensation is determined based upon activities and services intended to benefit the investor clients of Citigroup Global Markets Inc. and its affiliates ("the Firm"). Like all Firm employees, analysts receive compensation that is impacted by overall firm profitability which includes investment banking revenues.

The Firm is a market maker in the publicly traded equity securities of Priceline.Com Inc, Amazon.com Inc, Expedia Inc, Google Inc, Netflix Inc, eBay Inc.

For George Davis
No disclosures

For David Miller
No disclosures

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