May 30, 2023 8:24 am

The technologies sector is identified for its higher development prospective. The have to have to constantly innovate and evolve to hold up with altering trends tends to make the sector incredibly fascinating. In this context, the most current hype designed by Artificial Intelligence (AI) has sparked worldwide competitors amongst tech firms, which seems to be promising for the expansion of the market.

Regardless of the lingering macroeconomic uncertainty and higher inflation, the Dow Jones U.S. Technologies Index and the tech-heavy Nasdaq one hundred index (NDX) are up 35.six% and 28.three%, respectively, so far in 2023. Therefore, increasing interest in AI ought to continue to help tech providers.

Leveraging the TipRanks Stock Screener tool, we have shortlisted stocks with the prospective to outperform the industry averages. These 5 stocks have received a Robust Invest in rating from analysts and have an Outperform Smart Score (i.e., eight, 9, or ten) on TipRanks. In addition, the analysts’ value targets indicate area for a 12-month obtain of additional than 20%.

Right here are the 5 preferred stocks of analysts in the tech space:

  • Pure Storage (NYSE:PSTG) – Analysts at present see an upside prospective of 33.five% in PSTG stock. Also, it has a Clever Score of ten.
  • Enphase Power (NASDAQ:ENPH) – The stock’s value forecast of $259.58 implies a practically 58% upside. ENPH stock has a Clever Score of eight.
  • Basic Dynamics (NYSE:GD) – GD stock has an analyst consensus upside of 27.five% and a Clever Score of eight.
  • Epam Systems (NYSE:EPAM) – EPAM stock’s typical value target implies a consensus upside of 22.six%. In addition, it has an outperforming Smart Score of nine.
  • Intuit (NASDAQ:INTU) – The stock has an average value target of $504.20, which implies a 22.1% upside prospective from present levels. Also, its Smart Score of nine is encouraging. The corporation reported fiscal Q3 earnings on May well 23, following which 12 analysts rated the stock a Invest in.