青龙31
2021-03-05
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Big Tech and non-tech valuations may be closer than they appear: At the Open
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If that happens, the cyclical sectors that have underperformed would have an advantage over the sectors that house the megacaps and momentum names.</p>\n<p>But are the megacap tech stocks commanding such higher valuations?</p>\n<p>DataTrek Researchlooked atforward P/E multiples for five megacaps and the 15 largest non-tech names.</p>\n<p><b>In Big Tech</b></p>\n<p>Apple(NASDAQ:AAPL)28.2x, Microsoft(NASDAQ:MSFT)30.9x, Amazon(NASDAQ:AMZN)<b>77.8x</b>, Google(NASDAQ:GOOG)(NASDAQ:GOOGL)31.7x, Facebook(NASDAQ:FB)22.7x</p>\n<p>The average is 38.3x, or 28.4x excluding Amazon.</p>\n<p><b>In Non-Tech</b></p>\n<p>Berkshire Hathaway(NYSE:BRK.A)(NYSE:BRK.B)23.6x, JPMorgan(NYSE:JPM)14.3x, J&J(NYSE:JNJ)16.8x, Disney(NYSE:DIS)<b>147.3x</b>, UnitedHealth(NYSE:UNH)18.4x, P&G(NYSE:PG)21.3x, Home Depot(NYSE:HD)20.6x, Bank of America(NYSE:BA)14.4x, Comcast(NASDAQ:CMCSA)21.7x, ExxonMobil(NYSE:XOM)31.3x, Verizon(NYSE:VZ)10.8x, Abbott Labs(NYSE:ABT)23.9x, AT&T(NYSE:T)9x, Chevron(NYSE:CVX)23.5x, Coca-Cola(NYSE:KO)24.1x</p>\n<p>The average is 37.3x, or 25.1x ex Disney.</p>\n<p><b>Earnings a better guide?</b></p>\n<p>Both groups looks very close on this valuation metric, with or without excluding the outliers. Neither is cheap, DataTrek says. But it is still a select group of stocks. Tesla does not appear in either list, for example.</p>\n<p>But in considering whether to overweight one of the above groups over the other, earnings surprises are more important, according to DataTrek.</p>\n<p>\"Our stance remains that cyclicals (Energy, Financials, Consumer Discretionary ex-Amazon) will do that better than Big Tech,\" they write. \"But make no mistake: you’re paying multiples that already anticipate a lot of structural earnings improvement.\"</p>\n<p>\"If the US economy is accelerating the way the NY/Atlanta Fed models show, then not only will Q1 earnings come through better than expected but Q2 and Q3 should also outperform expectations.\"</p>\n<p>The situation in megacaps could change quickly, though, if the Fed decides toembark on Operation Twist Part 3.</p>\n<p><img src=\"https://static.tigerbbs.com/78ad9194057acbc7512db41adfa08d4e\" tg-width=\"1280\" tg-height=\"443\"></p>","source":"seekingalpha","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Big Tech and non-tech valuations may be closer than they appear: At the Open</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBig Tech and non-tech valuations may be closer than they appear: At the Open\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-04 22:21 GMT+8 <a href=https://seekingalpha.com/news/3669326-big-tech-and-non-tech-valuations><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The recent rise in rates has put pressure on some of the best-performing stocks of the summer as high-growth becomesless attractive.\nThe general consensus is that as longer-term and real rates rise, ...</p>\n\n<a href=\"https://seekingalpha.com/news/3669326-big-tech-and-non-tech-valuations\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://seekingalpha.com/news/3669326-big-tech-and-non-tech-valuations","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1156189136","content_text":"The recent rise in rates has put pressure on some of the best-performing stocks of the summer as high-growth becomesless attractive.\nThe general consensus is that as longer-term and real rates rise, high-valued stocks will take the brunt of the selling. If that happens, the cyclical sectors that have underperformed would have an advantage over the sectors that house the megacaps and momentum names.\nBut are the megacap tech stocks commanding such higher valuations?\nDataTrek Researchlooked atforward P/E multiples for five megacaps and the 15 largest non-tech names.\nIn Big Tech\nApple(NASDAQ:AAPL)28.2x, Microsoft(NASDAQ:MSFT)30.9x, Amazon(NASDAQ:AMZN)77.8x, Google(NASDAQ:GOOG)(NASDAQ:GOOGL)31.7x, Facebook(NASDAQ:FB)22.7x\nThe average is 38.3x, or 28.4x excluding Amazon.\nIn Non-Tech\nBerkshire Hathaway(NYSE:BRK.A)(NYSE:BRK.B)23.6x, JPMorgan(NYSE:JPM)14.3x, J&J(NYSE:JNJ)16.8x, Disney(NYSE:DIS)147.3x, UnitedHealth(NYSE:UNH)18.4x, P&G(NYSE:PG)21.3x, Home Depot(NYSE:HD)20.6x, Bank of America(NYSE:BA)14.4x, Comcast(NASDAQ:CMCSA)21.7x, ExxonMobil(NYSE:XOM)31.3x, Verizon(NYSE:VZ)10.8x, Abbott Labs(NYSE:ABT)23.9x, AT&T(NYSE:T)9x, Chevron(NYSE:CVX)23.5x, Coca-Cola(NYSE:KO)24.1x\nThe average is 37.3x, or 25.1x ex Disney.\nEarnings a better guide?\nBoth groups looks very close on this valuation metric, with or without excluding the outliers. Neither is cheap, DataTrek says. But it is still a select group of stocks. Tesla does not appear in either list, for example.\nBut in considering whether to overweight one of the above groups over the other, earnings surprises are more important, according to DataTrek.\n\"Our stance remains that cyclicals (Energy, Financials, Consumer Discretionary ex-Amazon) will do that better than Big Tech,\" they write. \"But make no mistake: you’re paying multiples that already anticipate a lot of structural earnings improvement.\"\n\"If the US economy is accelerating the way the NY/Atlanta Fed models show, then not only will Q1 earnings come through better than expected but Q2 and Q3 should also outperform expectations.\"\nThe situation in megacaps could change quickly, though, if the Fed decides toembark on Operation Twist Part 3.","news_type":1},"isVote":1,"tweetType":1,"viewCount":55,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"upFlag":false,"length":6,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/367054639"}
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