3 Best Tech Stocks to Buy After Earnings (That Aren’t META)

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Key points

  • Advanced Micro Devices is well positioned to claim market share as demand for AI chips continues to grow.
  • SMART Global is a small-cap technology stock that outperforms the Russell 2000 and gets strong support from analysts.
  • Amazon’s latest earnings report showed sustainable, measurable growth that will keep the stock’s momentum moving higher.
  • 5 stocks we like most about Meta Platforms

Earnings season follows a predictable pattern where various sectors report relatively close ratios to each other. The week of January 29, big tech stocks reported earnings. The news was mostly good, with Meta Platform Inc. NASDAQ: META make way.

The company provided as “perfect” an earnings report as possible.

META shares are up 154% in the last 12 months; one might even wonder whether its most notable growth is already behind it.

If so, or if you’re simply looking for more tech stocks to invest in, here are three tech stocks to consider. For different reasons, each is likely to deliver strong growth, but may still remain under the radar of some retail investors.

Advanced Micro Devices Inc.

Nvidia Corporation NASDAQ:NVDA is another name that you might think is conspicuous by its absence. Again, this is no small thing. However, rumors within the industry are that it will be difficult for Nvidia to keep up with demand for its AI chips.

That’s where Advanced Micro Devices Inc. NASDAQ:AMD The company recently released its M100 chips and expected sales of $2 billion in the previous quarter. It achieved sales of $3.5 billion. That number will only continue to grow in the coming quarters.

AMD shares are already up 102% in the last 12 months. Is all growth a given? Looking at the reactions of analysts after the publication of the earnings report, this does not appear to be the case. The company’s results were excellent but in line with expectations. AMD shares were slightly sold off after earnings.

Things are starting to change. Analysts are nearly unanimous in their bullish outlook on the stock, with many raising their price targets far above the consensus estimate of analysts tracked by MarketBeat.

SMART Global Holdings Inc.

Investing in companies that provide the memory chips needed to house all that data is a different way to look at the growth of artificial intelligence. SMART Global Holdings Inc. NASDAQ:SGH it’s a small-cap company that may fly under investors’ radar.

In addition to memory solutions, SMART Global provides intelligent platform solutions (i.e., compute) and LED solutions. Revenues and profits decline year on year, reflecting the normalization of the market. Analysts are believing in the company’s margin expansion.

As of this writing, SMART Global has a market capitalization of approximately $1 billion. However, with share price growth of about 9% over the past year, the company is outperforming the Russell 2000 Index. SMART Global analyst ratings on MarketBeat give the stock a consensus price target of $29.80 , which is 46% higher than the current price.

Amazon.com Inc.

Amazon.com Inc. NASDAQ: AMZN looks like another tech stock with a comeback story still in the mid-innings. AMZN shares have risen 63% over the past 12 months as revenue and earnings have continued to increase each year. However, the company’s top and bottom line growth accelerated in the most recent quarter. Free cash flow also increased.

The fourth quarter tends to be one of the most important for the company due to holiday sales. This year has been no different, but investors shouldn’t rush to underestimate it. The growth comes primarily from efficiencies resulting from targeted layoffs and the growth of artificial intelligence in the company’s operations.

For these reasons, in addition to continued growth in advertising revenues, analysts believe Amazon will continue to experience strong growth in the coming quarters. Amazon analyst ratings on MarketBeat give the stock an upside of $197.95, 16% higher than its Feb. 5 price.

However, AMZN stock could see a 40% upside. This means there is still time for investors left on the sidelines.

Before you consider Meta Platform, you’ll want to hear it out.

MarketBeat tracks daily Wall Street’s highest-rated and best-performing research analysts and the stocks they recommend to their clients. MarketBeat identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market takes hold… and Meta Platforms wasn’t on the list.

While Meta Platforms currently has a “Moderate Buy” rating among analysts, top-rated analysts believe these five stocks are better buys.

View the five stocks here

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