Evercore ISI analyst Mark Mahaney discussed his top internet stock picks on CNBC's "Squawk Alley."
Evercore ISI initiated coverage on the internet sector this week. Some stocks in the space are positioned for long-term success, Mahaneysaid.
The one at the top of Evercore's list isSpotify Technology S.A.SPOT 3.23%, Mahaney told CNBC.
"We had Facebook in '18, Netflix in '19, Uber in '20. I think that stock this year is Spotify."
The research firm plans to look at 2022 projections this summer and structural winners at reasonable valuations likeFacebook, Inc. FB 0.86% andAmazon.com, Inc. AMZN 0.09%, the analyst said.
He named Uber Technologies, Inc.UBER 1.1%as a cyclical recovery stock.
If Evercore is wrong on Amazon and Facebook, "it's probably because of regulatory risks," the analyst said.
One of the biggest points of debate from clients and investors was whether to go with Uber orLyft, Inc.LYFT 0.36%, he said.
Investors want companies with global presence and Uber has that, Mahaney told CNBC.
SPOT Price Action:Spotify gained 3.31% Tuesday, closing at $282.34.
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