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.”
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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.