Tom Lee, head of research at Fundstrat, reports that FAANGs could grow as much as 50% this year due to long-term demand for technology products.
He Tom Lee, Head of Research, Fundstrat has pointed out that FAANG could skyrocket up to 50% in 2023 thanks to Lack of long-term demand and new competition for technology products according to the market Zahra Taiyeb at Yahoo Finance,
“You can’t really say that the demand for these products will go down,” Lee said on CNBC.
big tech stocks preferred meta (facebook) why Alpha Beta have enjoyed a Strong rally in 2023 after last year’s selloff.
“Our base case for FAANG this year was that it could go up to 50%,” Lee told CNBC on Wednesday. The five largest US tech companies, including Facebook (now Meta Platforms), Amazon, Apple, Netflix y google, collective action Nearly 36% increase so far in 2023after a 43% drop last year,
Lee said he expects an uptick in FAANG stocks after a difficult 2022, when technology and growth stocks were sold off due to a rapid increase in interest rates by the Federal Reserve. They said that The bullish case for tech stocks, including non-FAANG companies, is stronger than ever.
“As this year has gone on, it really seems like FAANGs, and I’m getting a little broader, include things NVIDIA And cms, they’re just as relevant to the way you handle inflation, whether it’s through AI or automation. So these are incredibly important companies,” Lee said.
Las mega cap stock As Meta and Alphabet and Amazon are up 90%, 25% and 30%, respectively, so far this year, driven by profit solid first quarter earnings of companies that beat Wall Street estimates Even as US GDP growth slows.
“You can’t really say that demand for these products is going to go down. In fact, it’s going to go up and there won’t be any new competition,” Li said. “So really, his futures earning potential is higher, and so I think his PE could go up. And again, that actually drives the whole market up.”
