facebook amazon netflix and google logos are seen in this combination photo from reuters filesfile photo london feb 21 reuters  techdominated growth stocks are still not cheap despite some sharp falls over the last six months analysts at us investment bank jpmorgan cautioned on monday the socalled faangs have seen some of their covidera surges cut back this year with facebook fbo down 38 apple aaplo down 57 amazon down 85 and netflix and google googlo down 35 and 10 respectively nyfang jpmorgans analysts estimate that on average tech firms that are yet to even make a profit have lost 30 of their value since peaks around september last year while fintech firms which focus on techsavvy banking apps and tools have dropped 40 as growth stocks weakened of late they derated but are still not outright cheap jpmorgans analysts said in a note to clients adding that banks and commoditylinked stocks which have rallied this year thanks to rising oil and metals prices or interest rates were still far from expensive the chance is that the earnings of growth sectors might not be exceptional anymore although the big driver remains bond market borrowing costs which have shot up this year as top central banks have laid the groundwork for interest rate rises years of recordlow rates have fuelled the tech stock rally but with those rates now rising again the appeal of stratosphericallyvalued tech stocks gets dimmer for investors especially if their growth trajectories splutter we believe that bond yields will keep moving higher through the course of the year jpmorgan said referring to the bond market costs our fixed income strategists expect us 10year treasury yields to reach 235 by the end of this year and german 10year yields to reach 05 treasury yields are now at 192 and germany bunds are at 02 they also said that the tensions building between russia and western powers over ukraine shouldnt drive a return to big tech names which carved out a safehaven reputation during the pandemic while geopolitics could flare up into month end we do not expect this to last and call for riskon internals to resume into spring