Neuberger Berman sees opportunities in tech, like Tesla, Meta and Google
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Neuberger Berman senior research analyst Daniel Flax said Monday that Tesla (NASDAQ:TSLA) is one of the many opportunities in the technology sector at current levels.
Speaking to CNBC, Flax argued that Elon Musk's EV maker could see significant upside despite being impacted by "cyclical forces" that will continue to create headwinds in near term.
"But I think the bigger story there is that Tesla is a leader in electronic vehicles. And part of it is that their business model enables new services like self-driving to be delivered ... and I think that's powerful," he contended. "I would be a buyer of Tesla at current levels."
Looking elsewhere in the technology sector, Flax added that he is bullish on Meta (NASDAQ:META) and Google (NASDAQ:GOOG) (NASDAQ:GOOGL) as important platforms for advertisers to find consumers, although he said he prefers GOOGL among the two. Meanwhile, the analyst also pointed to opportunities in Nvidia (NVDA), Qualcomm (QCOM) and Motorola Solutions (MSI).
Meanwhile, Flax also advised investors to hold onto any shares they have in companies like Apple (AAPL) and Microsoft (MSFT). While the stock market might face additional near-term challenges, he expects "reacceleration" this year and through 2024 and 2025.
Intraday movement of the mentioned technology stocks: TSLA +7.8%, AAPL +2.5%, META +1.3%, GOOG +2.7%, NVDA +7%, QCOM +2.6% and MSI +1.1%.
Meanwhile, in Monday's intraday action, broader market index SPY (SPY) and S&P 500 (SP500) rose 1.3%, Nasdaq Composite (COMP.IND) +2% and Dow Jones (DJI) +0.8%.
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