Morgan Stanley ranks Meta, Amazon, Google as top Q1 earnings picks, citing four macro themes influencing revisions through 2026.
Highlights include revenue acceleration, GenAI ROIC, advertising upside, and ~15% higher-than-consensus 2027 hyperscaler capex expectations.
Amazon's AWS projected 29% Q1 growth, 31% in 2026 with low‑mid 30% margins; GAAP EPS target $10‑$11 in 2027.
Google expected high‑teens paid‑search growth, 60% YoY Cloud growth, and incremental margins reaching 56% last quarter.