CNBC Pro

Here are 5 internet stock picks from Cowen for earnings season

Share
Key Points
  • Cowen is bullish on five outperform-rated internet stocks, such as Amazon, going into first-quarter earnings reports.
  • The firm has a $1,050 price target for Amazon shares, representing 16 percent upside from Thursday's close.
An employee pushes a trolley along an aisle at an Amazon.com fulfillment center.
Chris Ratcliffe | Bloomberg | Getty Images

Cowen internet analyst John Blackledge shared a note to clients Friday with his best internet stock ideas for first-quarter earnings season.

Here are the five outperform-rated Cowen internet stock picks and the 12-month price forecasts.

1) Amazon

Cowen's Amazon price target is $1,050, representing 16 percent upside from Thursday's close. The company will report first-quarter earnings on Apr. 27.

"AMZN remains our top idea for 2017 … Our bullish thesis remains unchanged: We believe AMZN will continue to win in large 'non-core' retail markets, specifically food & bev grocery, consumables, and apparel, at the expense of traditional retailers and local merchants. Moreover, we continue to believe it's still early days for eCommerce, and AMZN is best positioned to capture the accelerating shift of dollars from offline to online."

More In Pro News and Analysis

CNBC ProInvestment bank picks 3 stocks to buy ahead of Apple's next iPhone launch
CNBC ProAvoid crypto and 'meme stocks' and buy these instead, hedge fund manager says
CNBC ProGambling stocks like Penn are tanking. Deutsche Bank says these are the names to buy in the sell-off