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Tech stocks are in a bear market, but they aren’t cheap

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Amazon still trades at 49 times forward earnings, and Tesla trades at 61 times - and that’s despite shares in both companies falling more than a third.

It has been a rough few months for US stocks but even rougher for shares of technology companies. The widely followed and tech-heavy Nasdaq Composite Index is down about 30 per cent since it peaked in November. Investors may be wondering whether tech stocks are a bargain. The answer is no: They’re a lot cheaper but not cheap yet.

It would need to decline an additional 40 per cent to reach those levels, assuming analysts’ earnings estimates for this year are reliable. If profits come in weaker than expected, the decline would have to be even steeper for the Nasdaq to revisit its historical lows. Another way to tell whether tech stocks have neared bottom is if they start showing up in value indexes.

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