Although tech has already accomplished in three months what Ives thought would take a year, the analyst still sees several percentage points of upside ahead for the sector. In a recent note, Ives argued that tech will continue to outperform the S&P 500 in this highly volatile market.
"Tech stocks have held up very well so far in 2023 and comfortably outpaced the overall market as we believe the tech sector has become the new 'safety trade' in this overall uncertain market," Ives wrote in an April 9 note.Ives believes investors will gravitate toward the tech sector because it's filled with.
In a shaky economy, tech stands out because it's led by firms that are flush with cash on their balance sheets and can generate more free cash flow for the foreseeable future, Ives wrote. Ives also believes that revenue will also be more resilient than anticipated in the upcoming Q1 earnings season.
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