Morning!
Since the 2008 financial crisis, technology stocks have been the darling of Wall Street. Investors who put money into Alphabet, Amazon, Apple, Facebook, Twitter, and the like were rewarded handsomely for more than a decade. When the pandemic hit, these companies became an even more important part of our lives. The market thought they could do no wrong and investors kept paying higher and higher valuations as long as tech companies could show growth.
When the economy started to turn in 2022, investors started to ask hard questions. How long can big tech maintain its rapid growth streak? Do these companies have too many employees? Have they become bloated? Will they ever become profitable? The market turned on big tech companies, demanding they cut costs and operate more profitably. As a result, big tech has issued layoffs, pared back growth initiatives, and adopted a new commitment profitability.
With technology company valuations seeing substantial corrections, is there still a growth play among the 1,100 technology companies that trade on public markets in the United States? Some of Wall Street’s most-respected analysts that have proven track records seem to think so. They are issuing “buy” and “strong buy” ratings to a handful of technology companies they think can buck the market trend.
Every year, Wall Street research analysts issue more than 15,000 distinct "buy" and "sell" recommendations for technology companies. Analysts don't always get their "buy" ratings right, but it's worth taking a hard look when top-rated analysts from several different research firms are giving "buy" ratings to the same tech stock.
We have created a report that details the 15 technology companies that Wall Street's top-rated equities research analysts are telling their clients to buy. If you are looking to make a contrarian play and buy a technology stock in today’s market, chances are the company that you should buy is on the list.
Laycee Kluin
MarketBeat.com
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