Declines in a few online stocks, especially so-called utility names, present a buying opportunity, Mark Mahaney of RBC Capital Markets said Wednesday.
"So, when I refer to Internet utilities, I refer to the online retail utility, that's Amazon; online search utility, that's Google; online video utility, that's Netflix," he said. "Some of those names, I think, are presenting attractive opportunities. I don't think they're aggressive entry points, but they're more attractive, obviously, than they were two days ago."
On CNBC's "Fast Money," Mahaney said that he also saw "a lot of valuation support for two names: Google and Priceline."
Stocks he would avoid include a few that have seen double-digit declines over the past few days, such as Groupon and LinkedIn. "I don't think it's a buying point here," he said.
(Read more: Twitter's value? Depends on who you are: Aswath Damodaran)
Smaller-cap stocks such as Yelp, Trulia, and Yelp appeared to have been "running too fast, too far," Mahaney added.
Over the next two to three weeks, quarterly earnings reports would also come into play.
(Read more: 'Buying until my hands bleed': Simon Baker)
As for those with the most upside to earnings estimates, Mahaney said, "I'd probably put Facebook and Priceline as the safest stocks in those groups."
— By CNBC's Bruno J. Navarro. Follow him on Twitter @Bruno_J_Navarro.
—CNBC's Michael Newberg contributed research to this report. Follow him on Twitter: @MikeNewberg.
Trader disclosure: On Oct. 9, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Mark Mahaney is long TRU; Mark Mahaney is long EBAY; Mark Mahaney is long GOOG; Mark Mahaney is long EXPE; Mark Mahaney is long FB; Mark Mahaney is long ; Stephanie Link is long AAPL; Stephanie Link is long JPM; Stephanie Link is long WFC; Stephanie Link is long CSCO; Stephanie Link is long YUM; Stephanie Link is long AA; Stephanie Link is long COST; Stephanie Link is long LRCX; Karen Finerman is long BAC; Karen Finerman is long C; Karen Finerman is long JPM; Karen Finerman is long TGT; Karen Finerman is long GOOG; Karen Finerman is long M; Karen Finerman is long JOSB; Karen Finerman is long FL; Karen Finerman is long SPY PUTS; Karen Finerman is short SPY PUTS; Karen Finerman is short SPY; Karen Finerman is short MDY; Guy Adami is long C; Guy Adami is long GS; Guy Adami is long INTC; Guy Adami is long MSFT; Guy Adami is long AGU; Guy Adami is long NUE; Guy Adami is long BTU; Guy Adami's wife, Linda Snow, works at Merck; Tim Seymour is long BAC; Tim Seymour is long INTC; Tim Seymour is long SBUX; Tim Seymour is long MSFT.