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THESE Internet stocks will perform well into 2016

Large cap Internet stocks have performed well in 2015, but nearing the end of the year, it's important to re-evaluate where they're headed.

"It becomes really hard to say, 'Wow it's not going to keep working into next year,' even though we all know that usually the things that work this year don't work next year," said Heath Terry, head of Internet equity research at Goldman Sachs.

Terry told CNBC's "Squawk Alley" it's easy to say that valuations have to stretch when looking at individual names that have carried the market. However,Terry said investors actually need to break stock performance down into components.

"Do you really not want to continue to own Amazon with the growth that you've got in [Amazon Web Services]? Do you really not want to continue to own Facebook with the momentum that they have from advertisers? Do you really not want to own Netflix with the incredible subscriber momentum that they've got?" he asked.

Facebook shares have surged nearly 46 percent in the last 12 months while advertising revenue jumped to $4.3 billion as reported in its third quarter earnings earlier this month. Netflix shares have rallied 133 percent over the past year while Amazon shares rose more than 104 percent in the period.

Terry said his best advice would be to continue to stick with these high-performing Internet picks into next year, and he's not alone in harboring that sentiment.

JMP Securities President Mark Lehmann told CNBC on Tuesday that tech giants like Amazon and Facebook remain strong plays going into the end of 2015, citing the increased innovation going on at those companies.

"Estimates have gone up, and the stock hasn't," Lehmann said. "I like when that happens, and I think you've got a chance to gain in 2016."