Google Inc (NASDAQ:GOOGL) (NASDAQ:GOOG) is the standout so far in Internet earnings, according to analysts at Cantor Fitzgerald. So far the rest of the companies that have already reported, including Yahoo! Inc. (NASDAQ:YHOO) and eBay Inc (NASDAQ:EBAY), have been pretty underwhelming. However, they expect results to pick back up again with Facebook’s report tomorrow.

Google

Internet index underperforms

In a report dated July 21, 2014, analysts Yousef Squali, Naved Khan and Kip Paulson said their Cantor Internet Index underperformed the broader market last week. It declined by 1.6%, compared to the S&P 500’s .3% decline. So far this year, they say the index has fallen by 8.5%, compared to the S&P 500’s gain of 5.9%.

They say in terms of valuation, their Internet index is trading at about 14.4 times EV / NTM EBITDA. That’s toward the high end of the index’s 5-year rolling average range, which is between 6 and 15.6 times. It compares to the peak before the recession of about 18 times.

Google price target increased

The analysts essentially said that if it wasn’t for Google, Internet earnings so far would be a pit of despair. The search giant posted “very healthy results,” demonstrating robust growth in ecommerce and online advertising. In light of the company’s latest earnings report, the Cantor Fitzgerald team increased their price target from $630 to $650 per share and reiterated their Buy rating on the stock.

They think Google is still gaining share in both Display and Search ads, mainly because of Google Sites. They say this is “impressive” because the company already holds aleading position in both of those segments. They said it also bodes well for the second half of this year and that Google is still one of the best plays in global online advertising growth. They said Google shares are trading at around 10.5 times EV / EBITDA / 18.6 times the price to earnings ratio for their fiscal 2015 estimates. They call the company’s stock “compelling.”

Amazon reports earnings Thursday

Amazon.com, Inc. (NASDAQ:AMZN) is scheduled to release its next earnings report on Thursday, and the Cantor Fitzgerald team isn’t expecting anything too spectacular. They say intra-quarter data points suggest that year over year growth in 3P same store sales accelerated from the first to second quarter.

However, they say the company’s continued investment focus and growth plans, plus its price cuts to Amazon Web Services will probably continue to pressure its operating profits. They note that Amazon is still growing at about double the pace of the broader ecommerce market.