Wedbush s Dan Ives recommends doubling down on tech stocks.
Apple and Microsoft were down in premarket trading on Monday.
Tech stocks took a beating last week as rising inflation and the associated fear of tighter monetary policy pushed investors to the backfoot. The pullback in tech stocks, however, is a fine buying opportunity, as per analyst Dan Ives of Wedbush Securities.
Commenting on the ongoing rotation in the tech sector from growth to value stocks, Dan Ives said on CNBC’s “Worldwide Exchange”:
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“Some areas of tech, including cloud and cybersecurity, represent transformational growth opportunities that we have never seen in over 20 years of covering tech stocks.”
Paul Meeks Likes Micron To Lead The Way For Semiconductors
Independent Solutions Wealth Management s Paul Meeks said he is overweight on semiconductors Wednesday on CNBC s Squawk Box.
The pace at which the world transitions from analog to digital was already happening quickly, but now it is happening at hyper speed, Meeks said.
With the chip shortage impacting stock prices, some of the semiconductor names have room to go much higher as the shortage is resolved, he added.
Meeks told CNBC that he likes
Micron Technology Inc (NASDAQ:MU) in particular.
The company earned $3 per share in 2020 he said, adding that the company could easily earn $10 to $15 per share in 2 to 3 years.
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Famed tech investor and portfolio manager at Independent Solutions Wealth Management, Paul Meeks, gave his bearish views on
DoorDash Inc (NYSE: DASH) and
AirBnB Inc (NASDAQ: ABNB) on CNBC.
What Happened: Meeks said DoorDash is overvalued at its current valuation. I would short DoorDash here. It s just crazy overvalued, he said.
There is nothing special in DoorDash s business model, as per Meeks. The delivery aggregator is losing money even as restaurants are paying commissions as high as 20%. As the restaurants move to pay reasonable commissions to delivery aggregators, DoorDash would lose more money. Right now, it s trading for 20x sales, and good software companies trade at only 6x sales, Meeks said.