IMPORTANT POINTS:
- Paul Meeks, one of Wall Street’s best-known technology analysts, named his top picks for tech stocks.
- The expert does not believe that these companies will change their trend towards a bearish one in the short term.
- Meeks picked Meta, Google, and Shopify, among others.
Wall Street’s top technology investor Paul Meeks picked five technology stocks with enormous upside potential ahead.
The analyst pick comes despite the market’s bear week, with the Nasdaq and S&P 500 falling 2.9% and 2.3%, respectively.
“Aggressive growth and technology stocks, in particular, have done very well this year, they probably got way ahead of themselves by going up too fast. And I think the US market was looking for an opportunity to consolidate a bit. I don’t think this will lead to any kind of very nasty, long-lasting downturn in US stocks,” Meeks clarified on CNBC.
Five tech stocks to buy
While there’s quite a lot going on in 2023, Meeks sees more earnings ahead for Meta, Google, Shopify, Extreme Networks, and Arista Networks. He also named a “cheap” small-cap firm called Harmonic.
On the other hand, he stated that he is not optimistic at the moment with Apple or Amazon: “There is really no growth here.”
This is the average growth potential Wall Street is giving the stocks Meeks mentioned, according to FactSet.
