The latest tech sell-off is a buying opportunity as earnings could power stocks 15% higher, Wedbush says [Yahoo! Finance]
Palantir Technologies Inc. Class A (PLTR)
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Source: Yahoo! Finance
A strong earnings season could end up powering the sector 15% higher, Wedbush predicted. Tech stocks are a strong buy after last week's drop, as a solid corporate earnings season could spark another double-digit gain for the sector by the end of the year, according to Wedbush. Tech stocks sold off with the broader market last week, with the Nasdaq Composite sliding 0.6% as traders took in a hot consumer price index report and dialed back their expectations for Fed rate cuts. Inflation has come in hotter than expected for the last three months, causing investors to lower the odds of a June rate cut to 18%, according to the CME FedWatch tool But the earnings environment for tech companies still looks strong, Wedbush said, especially when considering the frenzy over artificial intelligence , which has sent tech stocks soaring over the past year. A strong earnings season could be a major positive catalyst for tech, the strategists added, predicting the sector could soar another 15%
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PLTR
Sec Filings
- 4/26/24 - Form ARS
- 4/26/24 - Form DEFA14A
- 4/26/24 - Form DEF
- PLTR's page on the SEC website