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Goldman Sachs issued a report on technology, saying for 2010 their investing framework is focusing in on Data Center Techtonics and M&A.
The firm said three key themes guide top picks in TMT into CY2010: (1) Next-generation data center shifts; (2) A focus on M&A, both as an offshoot of the evolving data center and more broadly given cash-rich corporate balance sheets; and, (3) Exposure to other secular shifts across TMT, including wireless data growth and the shift online via a number of best-of-breed providers.
Goldman Sachs added CommVault Systems, Inc. (Nasdaq: CVLT), Juniper Networks, Inc. (Nasdaq: JNPR) and Rackspace Hosting, Inc. (NYSE: RAX) to thier Conviction Buy List.
Analog Devices, Inc. (NYSE: ADI), Marvell Technology Group Ltd. (Nasdaq: MRVL) and Time Warner Inc. (NYSE: TWX) were removed from the Conviction Buy List
VeriSign, Inc. (Nasdaq: VRSN) was added to the Conviction Sell List. Novellus Systems Inc. (Nasdaq: NVLS) was removed from the Conviction Sell List.
The firm said their favorite stocks for next-generation data center deployments and the evolution of Cloud Computing include Accenture (NYSE: ACN), Citrix (Nasdaq: CTXS), CommVault (Nasdaq: CVLT), Juniper (Nasdaq: JNPR), Rackspace (NYSE: RAX), and NetApp (Nasdaq: NTAP). They keep some exposure to semi-cap equipment with best-of-breeds Lam Research (Nasdaq: LRCX) and Teradyne (NYSE: TER). Google (Nasdaq: GOOG) and DreamWorks Animation (NYSE: DWA) provide exposure to improving ad and entertainment trends. Wireless remains a long-term secular growth story; and they recommend SBA Communications (Nasdaq: SBAC).
The firm is cautious on names with secular headwinds: Lexmark (NYSE: LXK) and Qwest (NYSE: Q).
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