Amazon, Pinterest, Wayfair Top list of 7 stocks that Bank Of America wants to watch in the second half of 2024 – AppLovin (NASDAQ:APP), Amazon.com (NASDAQ:AMZN)

New report from Bank of America presents over 100 catalysts for the second half of 2024. It gives investors the opportunity to focus on key events and stocks as prices of the major indices approach all-time highs.

What happened: As analysts look to set new price targets for market indexes for the second half of the year, Bank of America is turning to catalysts that could impact internet and e-commerce stocks.

“New AI products in the spotlight, along with the DoJ-Google ruling and updates on a potential TikTok ban,” says Bank of America, are among the trends worth watching.

Large companies that experienced events in the second half that may impact their share price and future development include:

• Amazon.com Inc AMZN and Prime advertising ramp
• Alfabet sp GOOGGOOGLE and Google’s AI review ramp.
• Metaplatforms‘ UNDERWORLD business news adoption

The 2024 presidential election and the pending ban on TikTok without divesting its US subsidiary are also important issues that could impact the internet and e-commerce sectors.

“Beyond macroeconomics, AI remains a key driver of sector sentiment,” the company noted, adding that it favors “riskier stocks” in the second half of 2024. “BofA economists expect declining inflation, positive GDP growth and lower interest rates beyond 2024. , which may favor stocks with higher beta/risk profiles.”

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Stock selection: Bank of America highlights seven stocks that could fit the “risk-on” profile and gain share in their sectors, with the potential for margin growth and trading at attractive valuations.

• Amazon: Bank of America chose the Seattle-based e-commerce giant, citing Amazon Prime Day on July 16 and 17. The company is also hosting the AWS Summit on July 10. “The event aims to bring the cloud computing community together to connect, collaborate and learn about AWS. We would expect a strong focus on AI products and services,” Bank of America said. Amazon will also host an AWS customer event in Las Vegas in December 2024.
• Pinterest Inc PINS: Third-party partners, collaborations with Google and new AI-integrated tools are among the catalysts for the second half of 2024. “We expect greater tangible revenues in the second half of 2024. Overall, we expect partnership revenues of $140 million in 2024. ” – Bank of America noted
• Wayfair Inc IN: The company’s new loyalty program could help win back inactive customers. Bank of America analysts say a loyalty program can help increase the frequency of purchases from existing customers. Other catalysts for Wayfair’s growth include the opening of its first branded store in Chicago in May. More brick-and-mortar stores are expected with the launch of the brand’s new “Welcome to Wayborhood” campaign. “A brand campaign can drive traffic and share profits in FY24.”
• Uber technologies UBER: The on-demand car service company has some upcoming events worth keeping an eye out for. This includes partnership with Costco AND Instacart. Uber may also be in the spotlight Tesla organizes robotaxi day on August 8. “While there is a risk of new competition emerging, less competitive uncertainty after Tesla’s robotaxi day could also benefit Uber and Lyft, given the overhangs.”
• Live seats HEADQUARTERS: Skybox Drive will launch later in 2024. The ticketing tool will help sellers gain pricing insights and adjust prices in real-time. The tool could be a new source of revenue for Vivid.
• DoorDash Inc DROP: Weak restaurant traffic could lead to an increase in delivery. Bank of America is looking to DashPass, the company’s annual marketing event held in June and July, for offering discounts and features, and could also see new partnerships announced.
• Applovin Corporation APP: Mobile app technology company earns high marks as it expands into e-commerce advertising. Bank of America said the expansion could strengthen the bull case for Applovin and lead to higher estimates.

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