Top technology analyst sees no opportunities in the IT hardware sector right now
"A key question is whether investors should now look to build positions? The short answer is not yet," said A.B. Bernstein's Sacconaghi in a note to clients on Tuesday.
The S&P 500 is up nearly 4% in the past year, but Hewlett Packard Enterprises is down 10%, HP is down 24% and IBM is down 2%. These falling valuations are keeping Bernstein from buying any stocks in the embattled sector. The firm said the 5G cycle could be big for Apple, but visibility is low regarding the upcoming 2020 iPhone cycle. Meanwhile, the stock is expensive compared to historical levels.
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