Analyst: Tech stocks pullback will be short-lived

The tech-heavy Nasdaq Composite’s recent gains have been limited, with Apple down post-earnings and only two positive days for the index in August. Wedbush Securities analyst Daniel Ives foresees a big swing to the upside soon.

Karishma Vanjani for Yahoo Finance:

“We expect pullback to be short-lived,” Ives said, in a note on Friday, still firmly sticking with his bullish call that tech stocks could see a boost of 12% to 15% in the second half of the year. He expects the tech market to rage for the next 12 to 18 months.
The winners? He picks Nvidia, which leads the market for semiconductors used for AI applications. Ives rates the company’s stock at Outperform with a $490 target price.
Other picks include Microsoft, the investor in OpenAI — the developer of AI sensation ChatGPT, and Apple, which he expects to build an AI-driven app store. He rates stocks of both companies Outperform, with a $400 and $230 target price, respectively.

MacDailyNews Note: Apple managed to close in the green today ($177.79, +0.06 or +0.03%) to close out the week. It is, of course, well up from its 52-week low of $124.17.
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