1Q Internet Summary Previews
We are publishing updates on 1Q industry data points and write ups on our early outlook and top 1Q earnings focus items for select stocks in our Internet coverage group (more detailed previews with various channel checks for large cap stocks to follow.) Our commentary is designed to highlight 1Q data points, stock trading opportunities and potential issues for 1Q results, and our estimates vs. consensus.
For 1Q EPS estimates, we are above the street for well over 50% of our companies under coverage, and only below on QUOT, P, RATE, and TRIP. For large caps, we have highest confidence in EPS upside for Facebook and Priceline.
Table 3: 1Q17 BofAML Estimates vs. The Street Large Cap Stocks (>$5bn Market Cap)
Small Cap Stocks (<$5bn Market Cap}
BofA ML vs. BofA ML vs.
Ticker 1Q17 Metric BofA ML Street Street Ticker 1Q17 Metric BofA ML Street Street
AMZN Revenue $35,335 $35,255 RATE Revenue $117 $116 EPS 2.34 2.28 Ahead EPS 0.14 0.15 Below
EBAY Revenue 2,210 2,206 CRCM Revenue $43 $43 EPS 0.49 0.48 Ahead EPS 0.04 0.02 Ahead
EXPE Revenue 2,134 2,140 FIT Revenue 282 218 EPS 0.07 0.06 Ahead EPS ($0.19) ($0.19) In-line
FB Revenue 7,905 7,198 GRUB Revenue 153 153 EPS 1.14 1.11 Ahead EPS 0.25 0.24 Ahead
GOOGL Revenue $20,219 $19,891 GPRO Revenue 205 207 EPS 9 53 9.45 Ahead EPS ($0.39) ($0.44) Ahead
NFLX Revenue 2,110 2,644 TREE Revenue 127 125 EPS 0.45 0.45 In-line EPS 0.93 0.91 Ahead
PCLN Revenue 2,415 2,441 MTCH Revenue 293 308 EPS 9.08 8.75 Ahead EPS 0.14 0.13 Ahead
SNAP Revenue 163 158 QUOT Revenue $72 $72 EPS ($0.18) ($0.21) Ahead EPS 0.01 0.03 Below
TRIP Revenue 379 3tf P Revenue $319 $318 EPS 0.23 0.27 Below EPS ($0.49) ($0.35) Below
TWTR Revenue 535 510 TRVG Revenue €241 €241 EPS 0.03 0.01 Ahead EPS €0.02 €0.02 In-line
YHOO Revenue 821 815 WIX Revenue $9 $90 EPS 0.14 0.14 In-line EPS ($0.05) ($0.13) Ahead
ZG Revenue 239 236 Ww Revenue $944 $933 EPS 0.06 0.05 Ahead EPS ($0.49) ($0.60) Ahead
YELP Revenue $201 $198 EPS $0.18 $0.16 Ahead
Source: BofA Merrill Lynch Global Research, Bloomberg, as of 4/4/2017
Bankof America
Merrill Lynch
Internet/e-Commerce | 06 April 2017
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