Priceline

The biggest risk for the online travel company is its third-quarter outlook, not the second-quarter earnings result. The Norwalk, Conn.-based firm has the "largest Euro exposure of any Net stock," Mahaney noted in his report. His quarterly estimates are slightly higher than Wall Street, but he sees "greater than typical risk to the downside."

Even with short-term concerns over Europe, priceline is viewed in a very favorable light, as online travel continues to see strong growth.

"We continue to view priceline as a Core Long in the Internet Large Cap sector based on reasonably sustainable competitive advantages in Europe, a countercyclical hedge in the U.S., significant Asia & Latin America growth driver with Agoda and Booking.com, a pretty consistent track record of market share gains, and one of the best management teams in the Internet sector," Mahaney penned in his note. He rates priceline shares "buy" with an $850 price target.

Analysts polled by Thomson Reuters expect priceline to earn $7.36 a share on $1.35 billion in revenue. The company will report its second-quarter earnings results on Aug. 7.

Shares have soared year-to-date, gaining 36.66%, far outpacing the 10.52% return in the Nasdaq.

PCLN Chart PCLN data by YCharts

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