JPMorgan slashed its price targets on 25 companies in the internet space, citing macroeconomic issues, Schwab Network recently reported.
Among the most prominent names whose price targets were slashed by the bank are Meta (META), Amazon (AMZN), Alphabet (GOOG), and Netflix (NFLX).
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Some of the Highest-Profile Target Cuts
The bank reduced its price target on Meta to $610 from $725 while it cut its price target on AMZN to $220 from $270.
JPMorgan lowered its price target on Alphabet to $180 from $220, while cutting its price target on NFLX to $1,025 from $1,150.
However, the bank kept Overweight ratings on all four names.
The Reasons for the Target Reductions
JPMorgan believes that there is now a 60% chance of a recession in the U.S. this year, and it expects real GDP to “decline substantially in the second half of 2025.”
None of the internet stocks covered by JPMorgan will be immune from negative macro trends this year, according to the bank. But it thinks that e-commerce, online travel, and digital-ad companies are “the most exposed” to the negative trends, while cloud, food, and streaming companies will be among the least vulnerable.
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This article is originally published at Insider Monkey.
