Høyt verdsatte teknologiaksjer

Teknologisektoren er på sitt dyreste siden 2007, vent gjerne på en tilbaketrekning i sektoren.

Brian Colello, CPA 04.02.2020 | 14:15
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Brian Colello: As of Jan. 30, technology was about 11% overvalued, as measured by the price/fair value estimate ratio for the median tech stock. This was one of the highest ratios we've seen since 2007. Maybe we'll get a pullback due to coronavirus. Semis been an area that we thought were undervalued for almost all of 2019, due to U.S.-China trade wars, but semis have rallied, and now there are only a couple of names trading at reasonable prices, while several more are overvalued. In software, we saw a bit of a pullback in August through October 2019, particularly for names with aggressive valuations. But software's been on a tear the past couple of months as well. Looking across our coverage, Apple, which is always an important tech bellwether, is near all-time highs with strong iPhone and wearable sales. Yet, we think the stock is a little bit overvalued today.

In software, we raised our fair value estimates for Microsoft and ServiceNow after they delivered strong quarters. So, we see a modest margin of safety in those names today. Intel's another one to watch if there's a pullback. It was a best idea of ours for all of 2019, and it rallied with a good quarter in Q4. And our best ideas, which have not reported yet this quarter, are still Palo Alto Networks and VMware. Finally, looking at the key trends in technology, all of the secular shifts are still intact. Cloud computing, 5G network build-outs, artificial intelligence investments, and advancements in the car, like ADAS in electric vehicles.

Coronavirus is the new item that we're looking at at the end of January and beginning of February. It's something companies are monitoring. Some companies have provided a wider band of revenue guidance, but there's no clear-cut impact to upcoming earnings, at least as of the end of January.



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Verdipapirer nevnt i artikkel

Navn på verdipapirPrisEndring (%)Morningstar Rating
Apple Inc132,28 USD-0,02Rating
Intel Corp56,15 USD0,49Rating
Microsoft Corp264,11 USD0,56Rating
Palo Alto Networks Inc366,38 USD-1,23Rating
ServiceNow Inc542,95 USD1,53Rating
VMware Inc157,26 USD-0,05Rating

Om forfatteren

Brian Colello, CPA  er senior aksjeanalytiker hos Morningstar.

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