The stock market, incredibly enough, is holding its own after a small stumble last week. Although not in full-blown rally mode, treading water while investors take some time to reassess where things are is a type of win in-and-of itself.
Still, some groups have been hit harder than others, and some names within certain groups are lagging their sector-based benchmarks. Tech stocks are among the names that lost the most ground since the market-wide July peak. They’ve also been less than impressive on the way back up, held back by some names more so than others.
Not all of those laggards are necessarily names not worth owning, though. In fact, their recent weakness has made some of the top tech stocks even bigger and better bargains.
Here’s a rundown of the market’s top tech stocks to buy while trading at beaten-down prices.
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It has hardly been a disaster, but the 11% setback Broadcom (NASDAQ:AVGO) shares have suffered since their April peak is decidedly sub-par.
Yes, fears about the trade impasse with China were a key part of this weakness, though not just fears of a slowdown. The company warned investors in June that the ban on doing business with Huawei Technologies would ultimately shave $2 billion worth of revenue off of its top line this year. The trade war is also pegged as the reason Broadcom was blocked from acquiring Qualcomm (NASDAQ:QCOM) … a deal that would have proven a boon here at the advent of 5G connectivity.
Capitalism finds a way. Even if the trade meeting planned between President Donald Trump and China’s President Xi Jinping for October isn’t progressive, analysts are still modeling slow and steady profit growth for this year and next. Per-share earnings should be up 10%