Tech sell-off is a 'generational buying opportunity' for the 'right' stocks, says analyst Ives
The tech-sell off is not the second dot-com bubble — it's a "buying opportunity" for the right stocks, according to Wedbush Securities' Dan Ives. "We view this historic sell-off as more of a generational buying opportunity for the right tech names/ winners in 2023 and 2024 rather than a time to throw in the towel on the tech sector with a piling on effect we are seeing take place on the Street today," Ives wrote in a note on Friday.
The analyst believes valuations for high quality growth stocks are "very compelling" for investors with a time horizon out 2 to 3 years or longer — especially as venture capital firms, private equity and family offices are poised to commit more than $1 trillion to the technology sector. Companies in macro-cloud computing, cybersecurity, electric vehicles and 5G smartphones would benefit from the next iteration of a tech growth cycle, Ives said.
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