It has not been an exciting couple of weeks for the tech sector as the U.S. Federal Reserve indicated it will raise interest rates as soon as next year. Despite the sell-off, however, Wedbush Securities’ Dan Ives continues to be “bullish” on the tech names.
Ives’ remarks on CNBC’s “Squawk Box”
Ives sees the recent dip as an opportunity to double down in tech stocks. On CNBC’s “Squawk Box”, he said:
We think tech stocks will see a 10% plus increase into year-end. There are going to be lingering worries out there, but with $2 trillion of digital transformation spend over the next decade in consumer and enterprise, I view the dip as a “golden buying opportunity.
Pivotal Advisors’ Tiffany McGhee also said on Tuesday that now was a good opportunity to buy tech stocks.
Ives favourites within the tech sector
Ives is particularly hawkish about cloud and cybersecurity within the broader technology niche. He agreed with the near-term risks to the industry but reiterated now as the perfect time to “double down” on tech stocks for investors with a “multi-year horizon”.
We’re only a third of the way through the shift to cloud – what I always call the fourth industrial revolution. There will be these white-knuckle periods, but these only create more opportunities to own the secular winners.
Ives picked notable names like Apple, Fortinet, Zscaler, DocuSign, Paolo Alto, and Microsoft as his favourite within the tech sector. He expects “meaningful upside” in these stocks over the next couple of years.
The post Tech forecast: Wedbush Securities’ Ives sees an over 10% upside appeared first on Invezz.
