Magnificent Seven tech stocks haven't been this cheap in six years, Goldman Sachs strategists say

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The top megacap stocks haven't been this cheap in six years.

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Put a different way, the largest tech stocks trade on the cheapest valuation relative to the median stock in over six years, the strategists say. The Magnificent Seven trade at 1.3 times their PEG ratio , versus 1.9 for the median S&P 500 stock. That discount, the strategists say, has been reached only five times in the last decade. As recently as January, they traded on an 18% premium in PEG terms.

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