Wedbush analysts said the recent global equity selloff has presented a “golden opportunity” to buy some solid technology stocks cheaper.
The long-term “transformational bullish trends of cloud computing, 5G EV, streaming and cybersecurity for the next few years,” will not be altered, even if the virus proves to be a near-term hit on supply chains and demand, analysts Daniel Ives and Strecker Backe told clients in a note.
Wedbush analysts offered up 10 tech names to own in the coronavirus rout, Barron’s reported.
- cloud-security group Zscaler
- identity governance software maker SailPoint
- software companies Nuance and NICE
- e-signature technology group DocuSign
- ride-sharing group Uber
Meanwhile, Heritage Foundation economist Stephen Moore is urging Americans to not be “freaked out and panicked” over stock market losses triggered by the coronavirus outbreak.
In an interview with radio host John Catsimatidis, Moore, a White House ally, said the economy will spring back once authorities determine a treatment for the fast-spreading virus, The Hill reported ahead of the Sunday interview airing.
“People should not be freaked out and panicked,” he said, adding: “People oftentimes make the mistake of … following the herd, and sometimes they follow the herd right over the cliff.”
“As soon as these viruses hit, the stock market falls by five or 10 or 12 percent, just as has happened now,” he said. “Once we have [a cure] … then the market goes right back up on its merry way.”
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