3 Lesser-Known Tech Stocks That Could Rally More Than 55% According to Wall Street -Breaking
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© Reuters 3 Lesser-Known Tech Stocks That Could Rally More Than 55% According to Wall StreetAnalysts expect that tech spending will rise as there is solid progress in the vaccine front and people returning to work. Wall Street analysts anticipate that lesser-known stocks such as Nutanix, Cerence and Desktop Metal will rally by 55% or more in the short term. Over the past decade technology has made huge strides. Forrester estimates that US tech budgets will increase 6.7% by 2022 due to increasing vaccine rates and people returning to work. Software spending should grow just above 11%.
Over the past six months, the Technology Select Sector SPDR Fund (XLK) gains of 20.8% outperformed the SPDR S&P 500 ETF Trust’s (SPY) 7.3% gains. But, the rising inflationary yields and rising prices of tech stocks could lead to a pullback in popular tech stocks.
Thus, the lesser-known tech stocks Nutanix, Inc. Cerence Inc . (CRNC), and Desktop Metal, Inc. (DM) might be ideal additions to one’s watchlist. Wall Street analysts expect these stocks to have more upside than 55%.
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