Amazon is the most undervalued mega-cap, followed by Meta and Google - survey

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By Senad Karaahmetovic

Amazon (NASDAQ:AMZN) is seen as the most undervalued mega-cap tech name, according to Raymond James' survey conducted in late December and early January to gauge investor thoughts on Internet fundamentals and stock outlooks for 2023.

Nearly 60% of respondents believe Amazon is undervalued, followed by Meta Platforms (NASDAQ:META) (48%), and Alphabet (NASDAQ:GOOGL) (45%). Elsewhere, 52% of respondents said that Microsoft (NASDAQ:MSFT) is "fairly valued."

As far as mid-large caps are concerned, travel businesses Booking (NASDAQ:BKNG) and Expedia (NASDAQ:EXPE) are seen as the most undervalued companies while DoorDash (NYSE:DASH), Peloton (NASDAQ:PTON), and Chewy (NYSE:CHWY) as the most overvalued Internet names.

Here are other key takeaways from the survey:

• 35% of investors expect EPS estimates to bottom in H1 2023, 48% say H2 2022;
• 48% of respondents believe it is "somewhat likely" we are in a multi-year bear market, while 43% said not likely;
• 50% of investors believe the Internet sector will outperform the S&P 500;
• Most investors view large caps as undervalued to fairly valued with small caps largely viewed as fairly valued;
• 64% of respondents said the Street is overvaluing companies with high SBC (stock-based compensation);
• 64% of investors would like to see Google cut 4-6% workforce, while 19% said 7-10%; on average, investors expect ~4% Google Search Growth in 2023;
• Meta ad growth is seen at ~3% (consensus at ~4%); 70% do not see Meta Reality Labs as a meaningful driver of shareholder value; most believe Meta should cut operating losses for Reality Labs;
• Investors expect ~19% AWS growth in 2023, mixed on Amazon's ability to show meaningful operating leverage in 2023.