The expert named the two best technology stocks for 2023

Posted by:Alex Belov Posted on:Nov 30,2022

Chief Investment Officer Patrick Armstrong of Plurimi Wealth named the top two tech stocks to buy now.

Since the beginning of the year, the NASDAQ Composite index, which includes exclusively technology companies, has fallen by almost 30% from its maximum values. US technology companies have come under pressure due to rising inflation and a period of raising interest rates by the US Federal Reserve. However, Patrick Armstrong, chief investment officer of Plurimi Wealth, believes that in 2023 investor interest in large technology companies will increase. Therefore, now he recommends taking a closer look at two technology stocks – CNBC reports about this.

“At the end of 2022, investors should invest in the technology sector. Many investors will want to own shares of big tech companies in 2023. Therefore, we are waiting for the flow of funds into the high-tech sector, which will provide an additional impetus,” – Armstrong said during an interview with CNBC Pro Talks.

The expert considers the shares of Alphabet and Apple to be the best technological securities. He believes that these two large companies are focused primarily on consumers, and next year consumers may find themselves in even more difficult conditions than now. However, Armstrong believes that Alphabet and Apple will be able to maintain a dominant position in the market.

Armstrong is far from the only pundit to be optimistic about Apple’s prospects. About 70% of analyst firms are positive about Apple’s shares, as they were assigned a buy rating. Upside potential from current levels is around 18%. Alphabet shares have an even higher rating from analysts, with over 80% of analyst firms recommending “buy” Alphabet shares. The average upside potential in 2023 is around 28%.

Recently, The Wall Street Journal wrote that investors fear a new collapse in the US stock market. The reason for a possible collapse may be a decrease in the income of large companies. Wall Street analysts have cut their Q4 2022 earnings forecasts for companies that make up the S&P 500 index.

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Alex Belov

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