Wedbush: Apple a top buy as Fed gives 'bright green light' to buy oversold tech

2 years ago

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Wedbush: Apple a top buy as Fed gives ‘bright green light’ to buy oversold tech

Thursday, March 17, 2022 9:12 am2 Comments

News

Apple remains Wedbush Securities’ top tech stock to own after the U.S. Federal Reserve gave what the investment firm called a “bright green light” to own oversold tech stocks. The Fed raised interest rates a quarter point on Wednesday.

Chris Ciaccia for Seeking Alpha:

In a note to clients, analyst Dan Ives said that with the rate hike, along with expectations that six more rate hikes are coming this year and three in 2023, now is the time to own oversold tech stocks as investors feared the worst from the central bank, adding that the bottom is “now likely in for the year.”

“[The] Fed news takes the uncertainty and overhang away from the tech sector with the Street knowing the clear path ahead on rates and now letting the bulls/bears debate valuation and growth in the tech sector in the year ahead with this backdrop,” Ives wrote in a note to clients.

“In a nutshell, we believe the tech sector is as oversold as we have seen in the last five years and we would strongly be buying cloud, software, cyber security, chips, and stalwart tech names led by FAANG with Apple our clear favorite,” he added.

MacDailyNews Take: From Danny’s lips to Mr. Market’s ears!

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