The Zhitong Finance App learned that UBS analysts ranked AT&T (T.US), Amazon (AMZN.US), and Spotify (SPOT.US) as the best TMT stocks to hold in 2024.

AT&T is UBS's first choice for cable, satellite, and telecom services. According to UBS, AT&T's position is to maintain growth in profit before interest, tax, depreciation and amortization (EBITDA) while maintaining a low churn rate, continued fiber revenue, pricing power, and cost control. The bank said the company is moving towards the upper end of the 2024 free cash flow guidance range (17 billion to 18 billion US dollars).

Amazon is UBS's first choice among large internet stocks. UBS said that the increase in total commodity transaction volume (GMV), efforts to regionalize delivery should encourage consumers to consider faster delivery speeds and higher levels of service, and the expansion of profit margins in market segments will put Amazon's stock in an advantageous position. The bank added that Prime Video with ads could be a catalyst for high profits.

Spotify is UBS's top choice for media stocks. UBS said, “We believe that the recovery in monetization in the music industry is still in its early stages, and we expect Spotify to maintain its leading position in digital service platforms (DSPs). We believe continued user growth and better monetization of the existing user base will drive the company's revenue growth.” The bank also stated, “After years of break-even, we believe Spotify can continue its recent pace of profit margin expansion and drive the transformation of EBITDA over the next few years.”