Driven by continuous multi-year development cycles, Meta Platforms (NASDAQ:META), Amazon (NASDAQ:AMZN), and DoorDash (NASDAQ:DASH) have been named as Citi’s top picks in the internet industry for 2025 in a research Monday.

Underlining their observations that momentum in most internet sub-sectors from 2024 is probably going to continue into 2025. Citi analystsled by Ronald Joseyemphasized the importance of product-driven growth in outperformance. “Meta’s product cycle is one of the deepest, featuring MetaAI, Llama, and AI-focused engagement and revenue opportunities, the paper said.

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Marginal expansion is projected to be supported by Amazon’s ongoing investments in basics, delivery speeds, and generative artificial intelligence technologies housed under Amazon Web Services. DoorDash’s decision also reflected its strong food delivery demand as well as expansion in more recent areas such as grocery delivery and DashPass subscription service.

Citi boosted Meta’s price estimates for $753 from $705, Amazon’s for $275 from $252, and DoorDash’s for $211 citing solid fundamentals across these firms as they enter 2025.

This article first appeared on GuruFocus.