Wedbush Securities analyst Dan Ives said Thursday investors should look to large-cap technology stocks like Apple amid the market sell-off driven by Russia’s invasion of Ukraine.
Annie Palmer for CNBC:
Tech names will likely see “significant pain” amid the sell-off Thursday, Ives said. Investors continue to seek out safe havens, sending stocks lower, while pushing the price of oil, government bonds and gold higher. But, Ives said investors shouldn’t panic, and should instead focus on large-cap tech stocks.
“While each geopolitical shock event is different and unique, our playbook since 2000 has been to use these periods of global chaos to buy the tech winners that we view as way oversold in a panic-like sell off,” he said.
Ives listed a number of technology names that investors should look to, including Microsoft, Apple, Oracle, Adobe and Salesforce, “as well as core chip names.”
The cybersecurity sector could also see a lift as a result of the invasion, Ives said… Palo Alto Networks, CrowdStrike, Zscaler and Tenable were among several “core cybersecurity names” Ives said are most likely to benefit from heightened threats of cyberattacks.