Internet stocks have gotten hit particularly hard by the 2022 stock market sell-off, but Bank of America analyst Justin Post said the market volatility has created some excellent long-term buying opportunities for choosy investors.
Post said Wednesday the internet stocks he covers are down an average of 22% year-to-date compared to just a 5% drop for the S&P 500. Post said the 2022 weakness has dropped internet stock valuations back down to the middle of their historical range, completely eliminating the COVID-19 pandemic premiums that sent stock prices soaring in 2020 and 2021.
