The best tech stocks were hard to find in 2022. Many tech companies entered the year trading at lofty valuations, only to encounter stiff macro headwinds as the year progressed.
These headwinds included a Fed intent on aggressively raising interest rates to bring down stubbornly high inflation. There was also a near shutdown of the initial public offering (IPO) market, as well as a spate of awful layoffs. All of this led to significant share-price declines across the technology sector, including for many of Wall Street’s best tech stocks.
But in 2023, the sector appears poised to get back on track. The start of the year has already seen a nice bull move with tech stocks.
More importantly, there are various secular megatrends that should power strong returns. These include cloud computing, artificial intelligence (AI), robotics, mobile and IoT (Internet-of-Things), just to name a few.
Another advantage for tech stocks this year is that the valuations are much better. There has also been more of a focus on generating profits – which is certainly a good sign.
With this in mind, here are the nine of the best tech stocks to buy now. This list includes a number of equities that are highly beloved by Wall Street analysts, but also a few contrarian picks that the crowd might be underestimating.
Data is as of Feb. 6. Analysts’ consensus ratings are courtesy of S&P Global Market Intelligence. Stocks are listed in reverse order of analysts’ consensus recommendation.
