While stocks of technology companies have gotten hammered recently, forecasts for their earnings have risen, so the group is looking increasingly attractive, from Big Tech all the way down.
Meanwhile, the sector’s business prospects have been improving. In the past three months, just over 70% of analysts’ changes to their forecasts for profits at tech companies in the S&P 500 have been increases, according to Citi. Strong earnings reports are on the way and “should be the catalyst to move the tech sector higher,” wrote Wedbush analyst Dan Ives in a research note last week.
A key factor behind that has been the company’s ability to use artificial intelligence to enhance its products. Analysts at Morgan Stanley wrote this month that surveys of software customers show that Salesforce has increased its market share by a few percentage points in the past couple of quarters.
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