2Q26 Preview: Stick With Names Positioned to Deliver Consensus Upside

Research evidence excerpt

2Q26 Preview: Stick With Names Positioned to Deliver Consensus Upside

USA | Internet EquityJulyResearch13, 2026

KEY STOCKS FEATURED INCLUDE:2Q26 Preview: Stick With Names Positioned to

TICKER RATING PRICE TARGETDeliver Consensus Upside

ABNB BUY $175.00

With relative valuations at multi-year lows and moderating AI disintermediation BKNG HOLD $190.00

concerns, we think names that exhibit strong earnings power and consensus CVNA BUY $90.00

upside will continue rallying. We also expect results to provide more visibility DASH BUY $225.00

into FY margins after many names announced stepped-up investments this DUOL HOLD $125.00

year. We are bullish into results on ABNB/ CART/ RDDT and cautious on LYFT/

TRIP. Join us for a call tomorrow at 11 AM ET to discuss our views (click HERE).

Delivery and Mobility: UBER (Buy): We look for CC Bookings growth to remain stable for Mobility KEY CHANGES INCLUDE:

and to slow modestly for Delivery, along w/ increased visibility into how n-t investments will impact TICKER RATING PRICE TARGET

FY margins. We will also listen for any update to the capital allocation strategy after the recent bid

ABNB BUY $175.00 ($160.00)

for Delivery Hero. DASH (Buy): We expect the stock to rally if organic GOV growth remains 20%+

and incremental margin remains on track for ~5% by 4Q. CART (Buy): We are bullish given results/ BKNG HOLD $190.00 ($180.00)

guidance may support GTV growth remaining ~13% throughout 2026 and a recovery in incremental CVNA BUY $90.00 ($95.00)

margins after a 2Q step-down. LYFT (Hold): We look for signs of stabilization in US bookings/ trips DASH BUY $225.00 ($220.00)

growth, which have decelerated in recent quarters from share losses. DUOL HOLD $125.00 ($95.00)