Wedbush Securities managing director Dan Ives advised investors on Friday to stick with technology stocks despite the potential valuation crunch that could happen as the Federal Reserve raises interest rates.
Brian Stewart for Seeking Alpha:
“This is not the time to throw in the white towel on tech,” he told CNBC on Friday.
Calling the current era “a fourth industrial revolution,” Ives backed such stocks as CyberArk Software, Palo Alto Networks, Zscaler, NVIDIA, and Apple.
“This is an opportunity, not the start of a downtrend for tech,” he said… Ives suggested investors “double down on their winners.”
Looking at some of the stocks mentioned by Ives, NVIDIA has done by far the best in 2021, more than doubling over the course of the year. Zscaler and Palo Alto Networks have both risen nearly 50%. Apple lags behind its smaller rivals, although it has rallied about 30% for 2021. The main laggard in the group is CyberArk Software, which is basically flat on the year.
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