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The FANG Is Underperforming, But Fundamentals Are Solid

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Facebook, Inc. NASDAQ:FB,, Inc. NASDAQ:AMZN - The FANG Is Underperforming, But Fundamentals Are Solid

Internet companies have underperformed so far in 2016. JPMorgan's Doug Anmuth pointed out, however, that secular growth and underlying fundamentals of these companies continue to be solid.

JPMorgan's Internet coverage universe is down 13 percent year-to-date on average, versus a 1 percent gain in the SPX. The ad market continues to move towards the online space, driven by mobile, and digital spend is expected to surpasses TV in the US for the first time in 2016, Anmuth commented.

Ecommerce is estimated to be growing at double-digits, with mobile accounting for about 30 percent of online sales. “And we expect travel trends to remain resilient as strong air ticket demand helps offset slower hotel trends & security concerns,” Anmuth wrote. He has Overweight ratings for the FANG - Facebook Inc FB,, Inc. AMZN, Netflix, Inc. NFLX and Google, or...