“In a nutshell, our overall view is that tech spending is holding up much better than is being priced into these stocks and the upcoming earnings season with help clear the deck on 2023 numbers with management teams conservative tone across the board,” Ives wrote in the note.
Ives added that many on Wall Street are already expecting a cut of between 8% and 10% for estimates for 2023 in what would be seen as a “rip the band-off moment.”
Ives reiterated his prior view that tech stocks will be “up 20%” in 2023 and are “way oversold” at current levels.
