After a steep sell-off, internet stocks and related exchange traded funds are beginning to look cheap, with little or no change to their underlying fundamentals.

Citigroup (NYSE: C) analyst Mark May argues that many tech stocks look attractive at current levels after the 20% or more fall from their recent peaks, reports Steven Russolillo for the Wall Street Journal.

“We believe the recent pullback represents a particular opportunity among large cap Internet stocks, with multiples having retraced to levels not seen for more than two years, with no/little change in fundamentals, and with investment profiles that sync well with what portfolio managers are seeking in today’s market,” May said in a research note.

Specifically, May singles out Facebook (Nasdaq: FB), Google (NasdaqGS: GOOG) and Amazone (NasdaqGS: AMZN).

Overall, Citi’s market-weighted large-cap Internet index has declined 18% since a March peak, whereas the S&P 500 broke above 1900 for the first time Tuesday.

“Despite the pullback in valuations, the fundamentals of large cap Internet companies haven’t changed,” May added.

On a valuation stand point, many of these companies are much cheaper but not as cheap by traditional metrics. LinkedIn (NYSE: LNKD) shows a forward price-to-earnings ratio of 54.1, down from 118 in March, whereas the S&P 500 has a P/E of 16.6, according to Morningstar data. Nevertheless, May remains undeterred.

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