The Technology Select Sector SPDR Fund has gained about 20% since mid-May, and Boston Private’s Shannon Saccocia says there’s more to come in the upcoming months.
Saccocia’s remarks on CNBC’s “Halftime Report”
Amidst a ‘manufacturing’ rebound as part of the reopening trade, Saccocia continues to believe that the tech sector is the best opportunity for investors as we head into the next year. On CNBC’s “Halftime Report”, she said:
“If you’re looking for business cyclicals, enterprise spend, CAPEX in the CEO suite, you’re looking at technology. It’s the best place to be, particularly if we get a little bit of uncertainty as it relates to Washington and the economic growth.”
The Wall Street banks seem to agree with her as well. JPMorgan recently reiterated Apple at ‘overweight’ and Goldman Sachs initiated Facebook, Alphabet, and Amazon at ‘buy’ – indicating that the titans also expect the tech sector to remain rewarding in 2022.
The bullish calls from both banks came with a forecast that these big cap tech companies will see double-digit growth in the stock market next year.
Requisite’s Talkington sees more value in ‘materials’
During the same interview, Requisite Capital’s Bryn Talkington also picked the tech sector as the most “comfortable place to be” on continued earnings growth and buybacks.
She, however, saw more value in the materials sector with energy, lithium, and copper.
“I think the materials sector, especially energy, is incredibly unloved. So, you have to size it right. We have a structural shortage of energy going forward, so I think the biggest opportunity is going to be more in materials,” Talkington said.
Last week, Talkington added to her position in Coinbase after the crypto exchange dipped about 10% in the stock market.
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