Wedbush once again shouts for "Tech Faith": US tech stocks' strong second-quarter earnings will rise by 15%!
Wall Street investment bank Wedbush predicts that technology stocks such as Microsoft, Alphabet, Amazon, Palantir, and Meta will perform well during the second quarter earnings season, and expects technology stocks to rise another 15% for the remainder of the year. Analyst Dan Ives stated that the broader technology growth story dominated by software, cybersecurity, digital advertising, and semiconductors will be the main positive catalyst for the tech industry. According to his research, the performance of cloud computing deployments and enterprise AI spending has exceeded expectations, which is a good sign for tech giants. Wedbush also remains optimistic about the prospects of several cybersecurity companies
According to the financial news app Smart Finance, Wedbush, a Wall Street investment bank, stated that technology stocks such as Microsoft (MSFT.US), Alphabet (GOOGL.US), Amazon (AMZN.US), Palantir (PLTR.US), and Meta (META.US) are expected to "stand out" during the second quarter earnings season.
Analyst Dan Ives mentioned in an investor report, "We believe that the second-quarter performance will be a major positive catalyst for the technology industry. We expect tech stocks to rise another 15% for the rest of the year after a strong 24% increase in the first half of the year, as a broader tech growth story dominated by software, cybersecurity, digital advertising, and semiconductors now takes center stage."
The analyst added that growth and profitability should accelerate based on what he calls the "artificial intelligence revolution," especially compared to Wall Street's expectations. He stated, "In short, our global tech field survey shows that cloud computing deployments and enterprise AI spending have far exceeded Wall Street's expectations, which is a good sign for tech giants."
In addition to the aforementioned tech giants, Wedbush also has a positive outlook on several other companies, including several cybersecurity firms such as Zscaler (ZS.US), Palo Alto Networks (PANW.US), Crowdstrike (CRWD.US), CyberArk (CYBR.US), Checkpoint, and Tenable (TENB.US)