JPMorgan raised the firm’s price target on Zillow (Z) to $93 from $78 and keeps an Overweight rating on the shares. Despite continued strong share performance and select higher valuations, JPMorgan remains positive on the internet group into 2025, the analyst tells investors in a research note. The firm expects artificial intelligence to continue to dominate the investment narrative, but says the focus will shift more to agents and applications. JPMorgan expects AI-driven capex to increase as mega-caps move beyond some of the compute constraints of 2024, and increased 2025 capex for Meta (META), Alphabet (GOOGL), and Amazon (AMZN), all above consensus. The firm’s top picks for 2025 are Amazon, Meta, Alphabet, and Spotify (SPOT).
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