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The technology sector is known for its high growth potential. The need to continuously innovate and evolve to keep up with changing trends makes the sector very exciting. In this context, the latest hype created by Artificial Intelligence (AI) has sparked worldwide competition among tech firms which appears to be promising for the expansion of the industry.
Despite the lingering macroeconomic uncertainty and high inflation, the Dow Jones U.S. Technology Index and the tech-heavy Nasdaq 100 index are up 35.6% and 28.3%, respectively, so far in 2023. Thus, rising interest in AI should continue to support tech companies.
Leveraging the TipRanks Stock Screener tool, we have shortlisted stocks with the potential to outperform the market averages. These five stocks have received a Strong Buy rating from analysts and have an Outperform Smart Score (i.e., 8, 9, or 10) on TipRanks. Moreover, the analysts’ price targets indicate room for a 12-month gain of more than 20%.
Here are the five favorite stocks of analysts in the tech space.
- Pure Storage (NYSE:PSTG) – Analysts currently see an upside potential of 33.5% in PSTG stock. Also, it has a Smart Score of ten.
- Enphase Energy (NASDAQ:ENPH) – The stock’s price forecast of $259.58 implies a nearly 58% upside. ENPH stock has a Smart Score of eight.
- General Dynamics (NYSE:GD) – GD stock has an analyst consensus upside of 27.5% and a Smart Score of eight.
- Epam Systems (NYSE:EPAM) – EPAM stock’s average price target implies a consensus upside of 22.6%. Moreover, it has an outperforming Smart Score of nine.
- Intuit (NASDAQ:INTU) – The stock has an average price target of $504.20, which implies a 22.1% upside potential from current levels. Also, its Smart Score of nine is encouraging.
Click Here to Read the Full Original Article at TipRanks Financial Blog…
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