Chip stock gains have outpaced the broader market for well more than a year, but now that they’re plummeting along with everything else amid fears about COVID-19, a Morgan Stanley analyst released a potential shopping list for the sector Thursday.
“Broadly speaking, stocks have not come down enough to suggest an overweight position in the group in the face of material concerns of disruption of both demand and supply as coronavirus goes global,” Moore said. “While it’s possible that stocks could be approaching oversold conditions near term, we would not equate that with being cheap.”
“For larger-cap growth with the best chance of powering through tough conditions, we favor Nvidia,” Moore said. Nvidia shares are down 8% on the year, but up 33% over the past 12 months.
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