Ahead of Q2 earnings, Wells Fargo is urging investors to go risk-on — favoring high-beta names like Amazon (NASDAQ:AMZN), Alphabet (NASDAQ:GOOGL), and Expedia (NASDAQ:EXPE) as top tactical longs.
The bank’s analysts see sentiment improving across e-commerce, online travel, and cloud infrastructure, especially after a cautious April–May stretch driven by weak third-party data.
Amazon (AMZN):
Wells Fargo anticipates a rebound in sentiment as supply constraints ease and Amazon Web Services (AWS) delivers improved growth commentary for 2H. This could ease concerns stemming from soft April-May data.
Alphabet (GOOGL):
The stock is expected to benefit from:
FX tailwinds
A recovery in paid search
Potential resolution of its search remedy litigation — a key overhang for 2024
Expedia (EXPE):
With accelerating web traffic and strong travel trends echoed by upbeat airline earnings, Expedia stands out as a tactical play within the online travel agency space.
📈 You can track Q2 earnings updates and historical performance using the Earnings Calendar API and Price Target Summary API to see how analysts’ outlooks are shifting in real time.
Digital ads remain crowded, while e-commerce, rideshare, and travel offer more upside.
Uber (UBER) may guide above-consensus Q3 bookings despite margin and autonomy headwinds.
Alphabet’s 20%+ YTD underperformance versus Meta (META) is drawing contrarian interest from both short- and long-term investors.
With volatility expected to spike around earnings, Wells Fargo’s view suggests that smart money is positioning ahead — not behind — the tape. The pivot to high-beta names signals a Q2 narrative that could surprise on the upside.
