JPMorgan analyst Doug Anmuth reiterates Facebook (FB) as hit top 2017 large-cap pick in the Internet space with an Overweight rating and $165 price target. Despite rallying 9% year-to-date, and trading only 6% below its all-time high reached on October 24, overall enthusiasm toward Facebook shares "remains somewhat muted," Anmuth tells investors in a research note.

Concerns around revenue deceleration, slowing ad load growth, fake news and ad metrics have contributed to the "recent wall of worry," the analyst contends. Anmuth views the fears as largely overdone and thinks they create a good buying opportunity.

The analyst also likes Netflix (NFLX) and Alphabet (GOOG) among large-caps and Yelp (YELP) and Match Group (MTCH) among small- and mid-caps.