JPMorgan’s top tech analyst likes Amazon and 2 other stocks heading into earnings

📆 16/07/2024 02:26 p. m.
📰 CNBC

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Stock Markets,Amazon.Com Inc,Uber Technologies Inc

The Wall Street bank also named Uber a top pick due to its rapid product launches and market leadership in the ride-sharing and food delivery businesses.

JPMorgan highlighted Amazon as its best idea going into the second-quarter earnings season for technology stocks, followed by Uber and Google . Netflix 's earnings report, due out postmarket Thursday, marks the beginning of earnings for the internet sector. JPMorgan analyst Doug Anmuth wrote that the Wall Street bank remains bullish on larger players in the industry, for now.

Anmuth also highlighted Uber as a top pick stock, citing its market leadership in the ride-sharing and food delivery industries, alongside its ability to leverage its scale to rapidly launch new products. The analyst believes Uber also has the ability to weather some near-term macroeconomic volatility due to increased Uber One and food delivery adoption, higher customer retention, strong balance sheet, ability to expand in other markets and strong potential free cash flow generation.

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