Wall Street sees these technology stocks gaining in 2023
After a dismal 2022, Wall Street is bullish on some technology company stocks this year. The tech sector was hit hard last year as worries of economic weakness and the Federal Reserve's aggressive rate hike path to tame inflation weighed on companies. In particular, rising interest rates hurt the present value of the future stream of earnings for tech stocks. The tech-heavy Nasdaq Composite slumped 33% last year, falling more than the S & P 500 and the Dow Jones Industrial Average.
Pro used FactSet data to look at members of the Technology Select Sector SPDR ETF and sorted for those with buy ratings from at least 60% of analysts. Then, filtered for the companies that have a 20% or more upside to the consensus price target for a list of 14 technology names poised to gain in the coming year. The tech names Wall Street is bullish on The potential top performer on the list is an energy technology company, Enphase Energy . The stock gained nearly 45% in 2022 and could gain another 43% this year, according to the consensus price target from Wall Street analysts.
's analysis also highlighted a few payments companies, as well. Of these names, analysts see the highest potential gain from PayPal , slated to surge more than 35% this year. In September, Raymond James said it expects a 30% surge from PayPal and that it's a stock investors should want to own heading into a weak economic environment. That's because the company has made necessary changes in recent quarters to perform solidly going forward according to analyst John Davis.
's Michael Bloom contributed to this report.
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