Meta is experiencing the worst year in its history.
Assuming a rebound from the worst year on record, a JPMorgan study predicts that Meta Platforms Inc. will be the highest-grossing mega-cap internet stock this year.
Amazon.com Inc. came in second with 36% of respondents, while 41% of respondents chose Meta as the firm they predict to succeed the best this year.
Netflix is expected to be the most underperforming.
All three businesses have had huge losses in 2022; Meta, one of the S&P 500 index’s components, has dropped 64% and is currently among the 10 worst performers. The S&P 500 index as a whole declined 19%. While Netflix shares plunged 51%, Amazon shares fell 50%, the most in a single year since 2000.
The group of businesses came under intense pressure as a result of the Federal Reserve’s aggressive interest rate increases to combat inflation, which impacted the multiples of so-called growth corporations and increased the likelihood of a recession.
Tuesday saw a 0.7% increase in Meta shares, compared to 1.8% and 1.5% gains for Amazon and Netflix, respectively.