The Nasdaq Composite is down 5.0% this week as investors continue to pull out of the tech stocks on fears of inflation and rate hikes. But there are names that still look promising for 2022 to MAI Capital Management’s Chris Grisanti.
Grisanti likes Amazon for 2022
One such name that pops out to him is Amazon.com Inc (NASDAQ: AMZN). The stock closed 2021 with a 2.0% gain only, but Grisanti expects it to outperform this year. On CNBC’s “The Exchange”, he said:
Amazon hardly did anything last year. It underperformed the market by 20%. It was the capital rebuilding year for Amazon. Years that follow capital rebuilding are typically quite good for the stock. So, I like it a lot.
According to Grisanti, Amazon is his favourite FAANG stock at this point in time. His outlook aligns with Mark Mahaney’s of Evercore ISI, who also sees the tech giant as a “good fundamental story” for 2022.
It’s time to buy Roku now
Another name that Grisanti recommends investors buy amidst the ongoing sell-off in technology is Roku Inc (NASDAQ: ROKU) that he sees as the best way to play the streaming space right now. He added:
Roku is right in the middle of streaming. It has lost a lot of confidence, so its price to sales is now down to a three-year low. I think it’s a great place to pick it up. If you think like we do that streaming is only in the 2nd or 3rd inning, there’s no better company to play that trend.
Grisanti agreed that Roku has taken a massive hit over the past six months, but its performance in the three years before that, he added, was quite extraordinary. Roku’s Smart TV operating system was the top seller in the U.S. for the second year in a row in 2021.
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