These technology names offer upside potential after this year's market rout, says top tech analyst Mark Mahaney.
Despite a painful year for internet stocks, opportunities in the beaten-up sector are plentiful for investors positioning for a recovery, according to top tech analyst Mark Mahaney. It was a tough year for the sector as valuations tumbled from record highs in an environment defined by rising rates and fears of slowing economic growth. Against this backdrop, the tech-heavy Nasdaq Composite is down more than 31% from its height and about 30% this year, but a comeback may loom on the horizon.
Big banks like Bank of America and Wells Fargo recently upgraded the stock, viewing upside from Netflix's ad-supported tier. Similarly, Mahaney views the company's cheaper ad-supported tier as a slightly recession-protective offering that can also drive a reacceleration in revenue growth. Heading into the new year, Mahaney also likes Uber , with the firm's price target suggesting shares can nearly triple from Friday's close.
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