After a massive sell-off that pushed the tech-heavy Nasdaq down as much as 17%, the worst may still be yet to come for a crop of buzzy names like Tesla and eBay, Bank of America cautioned Tuesday.
, disappointing quarterly reports and waning Covid-19 cases have pushed technology stocks into"growth purgatory," Bank of America's Savita Subramanian wrote in a Tuesday note to clients, pointing out a 0.5% drop in quarterly earnings has helped push the Nasdaq down 15% this year, compared to nearly 10% for the S&P 500.
Despite the sell-off, the analysts cautioned that many plunging stocks may still be"dead money," recalling that it took about 10 years for the technology sector to recover and regain its lead after the dot-com crash pushed the Nasdaq down as much as 75% between 2000 and 2002. As a result, the analysts favor technology stocks with"healthy" free cash flow relative, pointing out such names have consistently performed among the top 25% of stocks since 1985.
A slew of semiconductor stocks—including Nvidia, Applied Materials, Micron Technology and Qualcomm—head up the analysts' recommendations after plummeting as much as 30% since November, with stronger-than-expected demand for electronics likely toOther names matching the criteria after recent plunges include Microsoft and Apple, both of which
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