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2021-07-12

Go overweight in FAAMG stocks, Bernstein says: At the Open

The rotation to value stocks was even more prounounced in the tech sector in the first half of 2021,

Go overweight in FAAMG stocks, Bernstein says: At the Open

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That said, tech's 5 year expected growth continues to very strong, and tech has the highest quality ranking, highest ROIC and second highest FCF margins among sectors, and crowding within tech remains muted vs. its history.\"</li>\n <li>He also recommends being underweight expensive tech stocks with low quality scores.</li>\n <li>\"Expectations are very high for the most expensive quintile of tech stocks, and the average stock in that quintile trades at a P/S ratio of ~15.9x, with 98% of stocks being unprofitable,\" Sacconaghi says. \"We worry most about companies with decelerating growth or low quality scores, currently concentrated in small-mid-cap software and internet offerings, and encourag investors to look to selectively reduce exposure.\"</li>\n</ul>","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>Go overweight in FAAMG stocks, Bernstein says: 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; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; 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\">\nGo overweight in FAAMG stocks, Bernstein says: At the Open\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-12 20:42 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/news/3714210-go-overweight-in-faamg-stocks-bernstein-says><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The rotation to value stocks was even more prounounced in the tech sector in the first half of 2021, according to Bernstein.\nThe least expensive tech stocks outperformed the most expensive stocks by ...</p>\n\n<a href=\"https://seekingalpha.com/news/3714210-go-overweight-in-faamg-stocks-bernstein-says\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMZN":"亚马逊","GOOG":"谷歌","AAPL":"苹果","MSFT":"微软"},"source_url":"https://seekingalpha.com/news/3714210-go-overweight-in-faamg-stocks-bernstein-says","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1103477589","content_text":"The rotation to value stocks was even more prounounced in the tech sector in the first half of 2021, according to Bernstein.\nThe least expensive tech stocks outperformed the most expensive stocks by 24%, equal weighted, and 15% cap weighted, analyst Toni Sacconaghi writes in a note today.\nComputer hardware was the best subsector, but it's important to note that growth outperformed in June.\nGoing into the second half of the year, Sacconaghi recommends investors take overweight positions in the big FAAMG stocks: Facebook(NASDAQ:FB), Apple(NASDAQ:AAPL), Amazon(NASDAQ:AMZN), Microsoft(NASDAQ:MSFT)and Google parent Alphabet(NASDAQ:GOOG)(NASDAQ:GOOGL).\n\"With FAAMG accounting for ~50% of tech's overall market cap, (up from 10% in 2000), positioning is key,\" Sacconaghi says. \"For the first time since 2013, FAAMG stocks are collectively trading at below the average tech multiple, but growth expectations remain higher than overall tech.\n\"We recommend an overweight in FAAMG; Bernstein fundamental analysts rate AMZN, FB, GOOG, and MSFT Outperform,\" he adds. \"We note that Google and FB both trade at a 25% discount to prevailing overall tech multiples.\"\n\n\n\nOverall, Berstein recommends going market weight for the tech sector as a whole.\n\"On one hand, tech valuations remain near 20 year highs, tech's earnings growth is forecast to be in-line to below the broader market in both 2021 and 22, and the tech sector has higher risk of tax rate increases. That said, tech's 5 year expected growth continues to very strong, and tech has the highest quality ranking, highest ROIC and second highest FCF margins among sectors, and crowding within tech remains muted vs. its history.\"\nHe also recommends being underweight expensive tech stocks with low quality scores.\n\"Expectations are very high for the most expensive quintile of tech stocks, and the average stock in that quintile trades at a P/S ratio of ~15.9x, with 98% of stocks being unprofitable,\" Sacconaghi says. \"We worry most about companies with decelerating growth or low quality scores, currently concentrated in small-mid-cap software and internet offerings, and encourag investors to look to selectively reduce exposure.\"","news_type":1},"isVote":1,"tweetType":1,"viewCount":163,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":2,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}