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Morgan Stanley shared its favorite internet stock picks for the rest of the year.
"We continue to focus on revisions and areas where the market's 'narrative' can change," internet analyst Brian Nowak wrote in a report to clients Sunday entitled "Who will outperform from here through the year of investment?"
Here are four companies that Morgan Stanley recommended and their price targets.
1) Alphabet (GOOGL)
"Google websites growth is likely to surprise to the upside ... driven by mobile search, strong YouTube contribution, and continued innovation, such as Maps monetization in 2017," he wrote. Alphabet's "continued expense discipline leads to margin expansion and upward revisions on EPS estimates."
The analyst has an overweight rating on Alphabet with a $1,000 price target, representing 16 percent upside from Friday's close.