Buy Tech Winners on Variant Fears - Wedbush

November 26, 2021 11:00 AM EST
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Price: $117.29 +5.96%

Rating Summary:
    12 Buy, 9 Hold, 1 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 30 | Down: 16 | New: 32
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Wedbush analyst Dan Ives is telling clients to buy secular winners in FAANG amid today's weakness on variant fears.

"The market/tech sell-off this morning on Covid variant fears found in South Africa we view as a clear buying opportunity given our bullish view of the tech sector set up into 2022," Ives commented. "Over the past 18 months our bullish tech playbook has been unchanged and any time we get 10-year yield spikes/variant fears/second wave worries we view this as a buying opportunity to own the tech secular winners. While we are seeing a return to normalcy, a semi-remote workforce environment we believe is here to stay which underscores our thesis that areas such as cloud, cyber security, 5G are robust tech spending areas into 2022. Major sell-off days like today create the golden opportunity to own our favorite tech names into 2022, with our NASDAQ 2022 target of 19K speaking to our tech bull thesis cycle still in the middle innings of playing out on the heels of this 4th Industrial Revolution led by the tech sector."

Apple (NASDAQ: AAPL) remains their favorite in FAANG (FB, AMZN, AAPL, NFLX, GOOGL).

In cloud, they like Microsoft (NASDAQ: MSFT), DocuSign Inc. (NASDAQ: DOCU), NICE (NASDAQ: NICE), and Pegasystems (NASDAQ: PEGA).

In cyber security the like Zscaler (NASDAQ: ZS), Palo Alto Networks (NASDAQ: PANW), CyberArk Software (NASDAQ: CYBR), SailPoint Technologies Holdings, Inc. (NYSE: SAIL), Fortinet (NASDAQ: FTNT), and Tenable Holdings, Inc. (NASDAQ: TENB).

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