“The equity markets have transitioned from looking to buy COVID winners in early to mid-2020 to seeking re-opening plays post the announcement of new successful vaccines last November to this current amorphous period of aimless drift,” notes MoffettNathanson Senior Analyst Michael Nathanson. “In our world, the question is what should media and internet investors do now?”
Should they keep last year’s streaming trade on? What about that short-lived (and memorable) rotation into media stocks? Now that they’ve worked so well, are the moves in Facebook and Google over?
He offers his thoughts in an investor note distributed Tuesday.