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Since the Coronavirus came into our lives this slice of the stock market has given ordinary people the chance to multiply their money by 96% in 21 days on JP Morgan.


Stocks  | September 28, 2020

Apparently, the time has come to go shopping for internet stocks.

Piper Sandler analyst Thomas Champion late Thursday picked up coverage of a half dozen companies in the group, and he likes most of what he sees. Champion set Overweight ratings on Amazon.com (ticker: AMZN), eBay (EBAY), Zillow (ZG), Redfin (RDFN) and IAC (IAC), with a Neutral rating on ANGI Homeservices (ANGI).

His thesis is straightforward: Consumers are showing resilience amid the Covid-19 pandemic and the associated economic downturn. He expects the accelerated shift to online commerce to extend beyond the pandemic. He also says that home relocation and investment “appears to be an established trend.”

Champion says a recent survey by his firm found that 52% of consumers say they will spend more time online post-Covid, versus 8% who expect to spend less time. “The current demand wave should remain intact at least through year-end, but more broadly e-commerce substitution remains nascent,” he writes. Champion thinks e-commerce can double as a percentage of overall retail spending over the next five years.

Here is a rundown on Champion’s six stock calls.

  • Amazon: “Amazon is a compelling beneficiary of current e-commerce dynamics….we don’t see Amazon as particularly expensive on a multiple basis … despite a 75% rise in the stock over the last year and a $1.7 trillion market cap, this stock goes higher from here.” Target: $3,860.
  • eBay: Designed as a top pick, Champion notes that the stock is up just 3% in the past three months. “eBay has missed the run. At just 9.5x 2021 Ebitda, [it trades] below a market multiple. This name is too cheap and especially so if the growth profile of the business is improving.” Target: $65.
  • Zillow: Also named a top pick, he writes that Zillow “has successfully transitioned from an internet advertising company into a transactions-first consumer platform. This name is not for the faint of heart, but we see a cadence of beat-and-raise quarters … well managed, clear vision, this name should benefit from an incredibly strong housing market.” Target: $112.
  • Redfin: “The leader in online discount [real-estate] brokerage. The company’s core value proposition of low price and digitized service is perfectly suited for the current market environment.” Target: $56.
  • IAC: After the recent spin of Match.com, the company has cash to make acquisitions, he noted. “The track record of capital allocation over the last 25 years recommends itself.” Target: $145.
  • ANGI: “We are modestly cautious near term given choppy supply/demand fundamentals...Nevertheless, ANGI should be a consistent 20% topline grower and isn’t expensive. Will be a name to own some day.” Target: $12.

All six stocks are trading higher on Friday along with the S&P 500, Dow Jones Industrial Average, and Nasdaq Composite.


A revolutionary initiative is helping average Americans find quick and lasting stock market success.

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