With the first quarter of the 2015 behind us, Mark Mahaney of RBC Captial was able to offer some insight into his favorite large-cap Internet stocks. Looking back at the first quarter, Mahaney noted that trends within the Internet sector remained consistent. The analyst divides the sector into stocks that garner revenue through advertising, retail, or travel. Mahaney noted that advertising and retail Internet stocks have remained consistent and stable, while demand for travel stocks are stable for the most part but have “marginally weaker” growth compared to years prior.

Mark Mahaney has reshuffled his list of top large-cap Internet stocks as follows:

1. Amazon.com, Inc. (NASDAQ: AMZN), $500 price target.

As Mahaney’s top pick, the analyst noted that Amazon’s “Media, EGM & AWS Segments all delivered top-line acceleration, thanks to Prime, great execution, market share gains, and easier comps.” The analyst believes these positive trends are sustainable. He continued, “Recent segment disclosure highlights a highly profitable AWS and a modestly profitable (tho improving) Retail segment.” Going forward, Mahaney expects to see a growing impact from the increased price of Prime, faster delivery options, and ongoing CPG traction.

Mark Mahaney has rated Amazon 33 times since April 2009, earning a +26.2% average return per AMZN rating.

 2. Facebook Inc (NASDAQ: FB), $105 price target.

Mahaney voiced confidence in Facebook after noting that the social media website delivered a 55% year-over-year increase on advertising revenue growth “on by far its toughest comp quarter.” He continues to note that the stock’s “aggressive ’15 opex spend outlook has been tempered,” thus creating a “very positive setup for FB shares for the balance of the year.” Going forward, Mahaney is looking to the rollout of auto-play video advertisements, monetizing Instagram, and WhatsApp to drive revenue. Mahaney concludes that Facebook remains “the best play” in the mobile and video online advertising segments.