
Please try another search
(Bloomberg) -- After this year’s steep declines for US information technology stocks, Jefferies Group LLC strategists have turned bullish on the likes of IBM (NYSE:IBM), Cisco Systems Inc (NASDAQ:CSCO). and Microchip Technology (NASDAQ:MCHP) Inc.
The strategists raised their view on the S&P 500 IT Index to bullish in a note on Wednesday, writing that IT stocks are in “a tradeable rally.”
Their more positive view reflects an easing in the strength of the dollar and credit spreads, and, at least temporarily, in financial conditions. Adding to their conviction, they noted recent improvements in both new orders and the backlog for IT firms.
With growth stocks caught in the cross hairs of rising bond yields and fears of an economic slowdown, the S&P 500 Information Technology sector has slumped 21% this year. Price-earnings ratios have fallen to levels last seen in the early days of the pandemic.
A “dash for cash” as investors discounted some extreme interest-rate scenarios “has been more than reflected in the compression of market multiples,” wrote the Jefferies strategists led by Sean Darby.
©2022 Bloomberg L.P.
By Liz Moyer Investing.com -- U.S. stocks surged into the close on Friday breaking a three-week losing streak led by tech. At 4:04 PM ET, the Dow Jones Industrial Average was up...
By Sam Boughedda Mercado Libre (NASDAQ:MELI) was reiterated with an Overweight rating and price target of $1,690 by Morgan Stanley Andrew Ruben on Friday. Morgan Stanley analysts...
By Sam Boughedda In a note to investors on Friday, BofA analyst Steve Byrne reiterated a Buy rating and $77 price target on DuPont de Nemours (NYSE:DD), the chemicals company. BofA...
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.
I feel that this comment is:
Thank You!
Your report has been sent to our moderators for review
Add a Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.