© Reuters. Scoop Up These 3 Beaten Down Tech Stocks for a Year-End Rebound
An increasing reliance on wireless technology and cloud computing, and enterprises’ massive spending on strengthening their analytical capabilities, have been driving the technology industry’s growth. Given this backdrop, we think fundamentally sound tech stocks Micron (MU), Qorvo (NASDAQ:), and Fair Isaac (NYSE:), which have suffered price declines lately, could be solid bets now. Let’s discuss these stocks.The resurgence of COVID-19 cases has extended enterprises’ dependence on digitally-enabled remote operations. According to International Data Corporation’s (IDC) Worldwide Future of Work Spending Guide, spending on Future of Work (FoW) technologies will be nearly $656 billion this year. The ongoing digital transformation should keep driving the spending on the technology industry this year.
Investors’ confidence in the technology industry is evident in the iShares Global Tech ETF’s (IXN) 33.4% returns over the past year. And according to the Forrester U.S. tech market growth forecast, the U.S. tech spending is expected to rise 9% – 10% in 2021.
Thus, we think it could be wise to bet on quality tech stocks Micron Technology, Inc. (NASDAQ:), Qorvo, Inc. (QRVO), and Fair Isaac Corporation (FICO), which have suffered price declines recently but possess solid rebound prospects.
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