Apple and Microsoft are still the top stock picks in the technology sector, Wedbush Securities analyst Daniel Ives says, as tech turns into a “have and have nots” amid investors’ worries about rampant inflation and the the U.S.Federal Reserve raising interest rates.
Analyst Dan Ives noted that the “brutal” sell-off of 2022 has surprised him, as tech stocks have seen their earnings multiples “fall off a cliff” on fears of a recession and the Fed stopping quantitative easing and starting to shrink its balance sheet later this year. While some believe it may be “goodnight” for tech stocks, Ives, however, feels differently.
“We could [not] disagree more as we remain steadfastly bullish on the tech sector during this market storm,” Ives wrote in a note to clients.
However, the companies that have become the “have nots,” those that benefited during the height of the COVID-19 pandemic, have seen their growth rates slow significantly…
On Monday, Berkshire Hathaway Chairman Warren Buffett said he bought $600 million worth of Apple shares during the first-quarter sell-off.
MacDailyNews Take: When they’re offered, take the discounts to the bank.
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