Tech stocks rebounded last week after a lighter-than-expected inflation reading. Here are the ones leading the pack, which analysts say may have further upside.
Tech stocks saw a rebound in trading last week, as a lighter-than-expected inflation reading spurred hopes that the U.S. Federal Reserve would soon temper its aggressive pace of monetary policy tightening. The deceleration in consumer price growth was a boon to the embattled sector, which had been reeling from earnings disappointments and layoffs from the likes of Twitter, Meta Platforms , ridesharing company Lyft and privately held fintech firm Stripe.
Despite delivering third quarter earnings that "exceeded guidance across every key metric," the company announced on Thursday it has cut its workforce by 10%, joining a litany of tech firms that implemented similar measures in recent weeks. Of analysts covering the stock, 70% have a "buy" rating on it, giving the stock an average potential upside of 33%, according to FactSet data. Israeli solar technology firm SolarEdge Technologies was another top performer last week.
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