Despite macro headwinds, we remain optimistic about long-term trends for cloud computing and rising semiconductor demand.
Amid broad macro troubles, high-quality software stocks are trading with a nice margin of safety.
We expect strong growth for wide-moat software companies.
We remain bullish on the key secular trends in technology but think the sector overall is a little pricey.
We're still optimistic about the cloud, 5G, and the 'Internet of Things.'
Large-cap software has some margin of safety.
Software is the most appealing subsector.
The sector's expensive overall, and some valuations are downright alarming.
But there are still a few bargains to be had.
Look beyond the tech giants for hidden opportunities.
And what we expect from October.
We're still fond of software and cybersecurity firms.
What we expect from July.
Pandemic could speed up the transition to cloud computing and remote working.
We examine how this sector handled the market turmoil and what to expect.
Compared with the previous quarter, patient investors have some good opportunities.
Microchip remains our top pick.
Wait for a pullback in the sector, which currently has one of its highest price/fair value ratios since 2007.
No attractively priced subsectors, but cybersecurity is a hot topic.
We'd seek a wider margin of safety before investing in this wide-moat firm.
Brian Colello shares what makes these stocks stand out.
Opportunities now most common in software and online media.
Second-quarter results for the wide-moat firm were ahead of our expectations.
The leader in automotive and power semiconductors is undervalued, in our view.
We expect U.S.-China trade talks to lead to greater end product demand down the road.
At this point, it looks like more a blip than a roadblock.
Online media also looks like a compelling value.
The market pullback has created opportunities for long-term investors.
For investors willing to weather the storm in the semiconductor space, we like Intel, KLA-Tencor, and Lam Research.
It remains an industry leader in RF chips with an improving position in 5G.
Cloud computing, trade wars, and M&A remain hot topics in the tech sector.
We see the short-term sell-off as a long-term buying opportunity.
We may lower our fair value estimate on VMWare once the $11 billion dividend is paid to reflect the major hit to its cash balance.
Overall, we view the Tech sector as slightly overvalued.
U.S. telecom consolidation is in the works with a T-Mobile-Sprint merger.
Though the narrow-moat stock has a positive moat trend, we're skeptical that it can carve out a wide moat.
Production in the 80 million range would be entirely reasonable and is not an indication that iPhone end customer demand (and thus revenue) will be significantly lower than last year.
The narrow-moat firm's results were solid, and its fourth quarter forecast is in line with our expectations.
We view Microchip as one of the best-run companies in the microcontroller market.
We plan to modestly raise our fair value estimate for the narrow-moat firm.
Our big takeaway from Apple earnings is that consumers still want iPhones and the accessories and services that go with it.
The sector looks modestly overvalued as a whole, but there are some attractive firms in enterprise software and IT services.
We see value in several firms as consumers migrate away from traditional TV bundles and Europe invests in fiber and 4G.
With many technology names trading well above our fair value estimates, the recent pullback in the sector isn’t a huge surprise.
Now that the Qualcomm acquisition appears dead, we expect Broadcom to remain on the hunt for semiconductor M&A.
The wide-moat firm's post-earnings sell-off tied to near-term revenue deceleration is providing an attractive entry point for long-term investors.
We're raising our fair value estimate on the narrow-moat firm.
The firm's decision to adopt a more aggressive capital structure was the biggest surprise in Apple's results.
There's little evidence that customers are switching away from Apple toward Android-based devices, and this customer lock-in remains the source of Apple’s narrow moat.
We don't expect the firm's larger U.S. cash balance to lead to exponential increases in dividends and buybacks.