| | | Oppie likes some of our favorite stocks and says the correction fizzled out.
Oppenheimer favors tech amid upbeat prediction for S&P 500
Nov. 14, 2023 7:53 AM ET
Apple Inc. (AAPL), MSFT, NVDA, AVGOXLK, AMD, AMAT, LRCX, CRM, KLAC, PTC, TYL, NOW, SP500By: Jason Capul, SA News Editor
Oppenheimer Holdings indicated Tuesday that the third quarter mid-cycle correction has fizzled out and that the S&P 500 (SP500) should resume its previous upward momentum into the first half of 2024. Given these conditions, the firm repeated its view that Technology (XLK) represents its "top year-end idea."
"We see enough market capitalization pointed in the right direction to outweigh questionable participation readings that are, at least, oversold," Oppenheimer stated. "Sentiment has also reached opportunistic levels of pessimism, inter-market trends are stabilizing in a supportive manner, and leadership ratios generally argue against owning safety."
In the investor note to its clients, Oppenheimer Holdings provided Buy ratings for multiple software names, semiconductor stocks, and popular mega-cap tech players. See the stocks Oppenheimer listed as a Buy below:
Software Stocks
- ServiceNow Inc. (NOW)
- Salesforce (CRM)
- PTC, Inc. (PTC)
- Tyler Technologies (TYL)
Semiconductor Stocks
- Applied Materials (AMAT)
- KLA Corp. (KLAC)
- Advanced Micro Devices (AMD)
- Lam Research (LRCX)
Mega-Cap Stocks (No Google, META or TESLA)
- Apple (NASDAQ:AAPL)
- Microsoft (NASDAQ:MSFT)
- NVIDIA Corp. (NASDAQ:NVDA)
- Broadcom (NASDAQ:AVGO)
"Our analysis indicates the sector should outperform based on the stage of both the equity and economic cycle, and the broadness of the relative strength is confirming these expectations, in our view," Oppenheimer noted.
seekingalpha.com |
|
