Goldman’s Oppenheimer Says Tech Can Continue Driving Bull Market
- Tech firms’ cash, balance sheets make them defensive: Goldman
- Key risk to market is if growth recovery falters: Oppenheimer
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Technology stocks remain investors’ best bet and can continue driving returns in the current bull market, according to Peter Oppenheimer, Goldman Sachs Group Inc.’s chief global equity strategist, even as the near-term risk of a market correction persists.
The Wall Street guru is advising clients to keep their faith in tech stocks after numerous market players got burned last week during a plunge in the Nasdaq 100 Index, driven by some of the frothier tech companies like Amazon.com and Apple Inc. Goldman is maintaining its overweight recommendation in tech stocks in every region thanks to the sector’s strong cash generation, earnings and stable balance sheets, said Oppenheimer.