It’s time to buy the dips in tech stocks.
Over the last few weeks, we saw a massive rotation out of tech in favor of small cap stocks. All on higher hopes the Federal Reserve will cut interest rates this year.
However, while it has created plenty of tech turmoil, the pullback is overdone. In fact, if we look at the bigger picture, there’s still substantial opportunity ahead with expansions, earnings, and massive expected spending in artificial intelligence.
All of which will fuel further tech upside.
That being said, we’d use weakness in tech as an opportunity.
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Company: Nvidia (SYM: NVDA) Look at Nvidia (SYM: NVDA) for example. After pulling back from about $140 to $114.21, it’s just starting to pivot higher again. Helping, analysts at Citi just reiterated its buy rating on the stock, with a $150 price target. All after Nvidia announced a new service that will boost generative AI for enterprises. Piper Sandler raised its price target to $140, believing the company could beat revenue by $2 billion this quarter. Even Loop Capital also raised its price target to $175 with a buy rating. |
Paradigm Press
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Company: Advanced Micro Devices (SYM: AMD) Beaten-down shares of AMD are also an opportunity. At $141 support, it’s also oversold on RSI, MACD and Williams’ %R and could rally back to $190 near-term. Helping, analysts at Roth MKM, Wells Fargo, TD Cowen and Citi have all raised their price targets on the AMD stock. Citi, for example, just raised its price target to $210 from $176, with a buy rating. They expect for second quarter earnings season to be a strong catalyst for semiconductor stocks. |
Oxford Club
AI’s NEXT Magnificent Seven
The Original Magnificent Seven Produced 16,894% Average Returns Over 20 Years.
But the Man Who Called Nvidia at $1.10 Says “AI’s Next Magnificent Seven Could Do It Even Faster.”
See His Breakdown of the Seven Stocks You Should Own Here.
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ETF: VanEck Vectors Semiconductor ETF (SYM: SMH) Or, if you’d rather diversify at a lower cost, there’s the SMH ETF, which is oversold at its 100-day moving average. From its last traded price of $242, we’d like to see it retest $280. |
