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Goldman Sachs names tech stocks with a 'strong runway' for growth — giving one upside of nearly 70%

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Goldman is bullish on a part of tech that's now seeing 'limited appetite.' It shares some top picks it expects will beat their peers when the economy recovers.

One corner of tech, software, might be seeing "limited appetite" from the market, according to Goldman Sachs. But the investment bank is optimistic. It listed several reasons for its bullish call: "a more constructive setup due to near record-low valuations … conservative management guidance that better aligns with investor expectations, and an inflection towards cost optimization and margin expansion." Goldman analysts forecast in a Jan.

" "This group ranks well across a number of high-value characteristics such as mission criticality, strong retention metrics, quick time to value, operational efficiency, and/or investor-friendly capital allocation," Goldman wrote. Goldman expects Microsoft and ServiceNow will be part of a broader trend in 2023: It foresees companies cutting costs in 2023, reversing their focus on growth. That, it said, bodes well for operating margins and earnings.

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