Benzinga | Dec 28, 2021 05:47AM EST

Evercore ISI's Top Internet Picks For 2022

* With interest rates rising and global economies "hopefully opening" in 2022, Evercore ISI analyst Mark Mahaney has a "more muted/ cautious stance" on the internet space, which he calls a "relatively high-growth, high-multiple" sector going into 2022.

* Within the mega-caps, Mahaney's top picks, in order, are Amazon.com Inc (NASDAQ:AMZN), Uber Technologies Inc (NYSE:UBER), and Meta Platforms Inc (NASDAQ:FB).

* Within the large-caps, the analyst's top picks, in order, are Roku Inc (NASDAQ:ROKU), Chewy Inc (NYSE:CHWY), and Spotify Technology SA (NYSE:SPOT).

* Within the mid-cap space, Mahaney's top picks, in order, are Bumble Inc (NASDAQ:BMBL), Wix.com Ltd (NASDAQ:WIX), and Duolingo Inc (NASDAQ:DUOL).

* The analyst says Amazon is "arguably the single best fundamental asset in Net-land."

* He believes the company's "massive" 2020 and 2021 infrastructure investments should begin to pay dividends in 2022.

* For Roku, he views the company's average revenue per user upside as being underappreciated and its supply chain headwinds as transitory.

* Mahaney views Bumble as a "clear reopening play" with upside to the Street's payer and EBITDA margin estimates.

* Price Action: AMZN shares closed lower by 0.82% at $3,393.39 on Monday.