Tech stocks were hit the hardest in 2022, but this year they could easily outperform the S&P 500, according to investors surveyed by JPMorgan. The bank conducted a buyside survey of about 74 long-term investors and hedge funds to gauge their sentiment toward internet stocks in 2023. About 43% of participants said they expect internet stocks to rise more than 5% this year, while 30% think so. “flat” performance. For the S&P 500, however, views were reversed, with 45% of investors expecting the benchmark index to end little changed, while 30% expected it to post more than 5% growth. More investors, 41%, identified Meta Platforms as the mega-cap tech stock with the greatest likelihood of success.Amazon was second at 36%.They also said they believe Facebook parent Meta is the best “overall turnaround” story of the year and that this is their preference for online advertising. On the other hand, Netflix is most likely to be the worst performer this year, according to 43% of survey respondents. Inflation, the dominant investing narrative in 2022, is getting loud continue to be a major headwind in the survey this year, along with slower earnings and growth concerns, but investors also agree that attractive valuations, easier comparisons and more nd improved margins will drive the technology group upwards.
https://www.cnbc.com/2023/01/10/internet-investors-expect-this-stock-to-prove-2023s-best-performer.html Internet investors expect this stock to be the best performer of 2023