The turmoil in the financial sector following the collapse of two U.S. banks has made investors find a safe haven in the technology sector. This is evident in the more than 5% gain witnessed by the tech-heavy Nasdaq 100 index since the SVB chaos. Interestingly, the benchmark index has outperformed the S&P 500’s (SPX) gain of 2%.
What’s more? The cash-rich balance sheets of tech companies, the growing popularity of Artificial Intelligence among investors, and limited exposure to the financial sector make technology stocks more lucrative.
Thus, leveraging the TipRanks Stock Screener tool, we have shortlisted stocks that have received a Strong buy rating from analysts and boast a “Perfect 10” Smart Score on TipRanks which points to their potential to outperform the broader market. Further, analysts’ price targets reflect an upside potential of more than 15%.
Here are the five favorite stocks of analysts in the tech space.
- Alphabet (NASDAQ:GOOGL) – The multinational technology conglomerate is widely known for its search engine, Google. Analysts currently see an upside potential of 25.5% in GOOGL stock.
- ASML Holding (NASDAQ:ASML) – The semiconductor manufacturing equipment company’s price forecast of $807.38 implies a nearly 26% upside.
- NetEase (NASDAQ:NTES) – NTES stock’s average price target implies a consensus upside of 34.4%. NetEase is a China-based internet technology company.
- HubSpot (NYSE:HUBS) – The company provides a cloud-based marketing and sales software platform. HUBS stock has an analyst consensus upside of 16.4%.
- Rogers Communication (NYSE:RCI) – The stock of the wireless communications services provider has an average price target of $54.37, which implies a 20.2% upside potential from current levels.
