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The 38% acceleration that the Nasdaq accumulates In this year of the coronavirus, it has new arguments to continue stretching. Analysts agree that the result that the US polls point to promises new verve for the technology index, but not all its values are on equal footing to take advantage of the situation.
A large group of stocks that have pulled the Nasdaq the most so far has exhausted all the potential that its fundamentals justified. However, according to the consensus of the analysts who follow them more closely, others still have room to continue fattening the bulky revaluations that have accumulated since the coronavirus began this year.
Among those of the first group, values as followed and pointers as Tesla (+ 403%) and Zoom Video Communications (+ 610%). Both have exhausted their consensus upward potential and, furthermore, accumulate fewer and fewer purchase recommendations. These are not the cases of listed companies such as Moderna biotech (+ 257%) or PayPal electronic payments firm (+ 80%), to which analysts continue to give profit margin and recommendation to increase portfolio.
Question of ballot boxes
Link Securities’ director of analysis, Juan José Fernández-Figares, points out how the outcome to which the vote count seems to be heading in the US is good news for the technology index. “The fact that the much vaunted ‘blue wave’ has not occurred makes it much more difficult for restrictive regulation to be passed for companies ”in Silicon Valley.
In addition, the expert points out that the foreseeable control of the Senate by the Republicans “will prevent the tax increases that the Democrats intended to implement.” And it is that the ‘blues’ not only had the income statement of the companies in the sector in their sights, but also planned to increase capital gains taxes for households with incomes greater than one million dollars per year.
From the Spanish broker, its director of analysis indicates that the approval of this tribute “It would have led to a lot of sales on the exchanges before being approved”, and especially in the securities in which more gains had been accumulating recently. This today could be translated into “growth values, most of which belong to the technology sector”, specifies Fernández-Figares.
In addition to the absence of these arguments for the checkout, those that make the technology sector an attractive destination for investors in this time of doubt. Ebury analysts point out that the lack of force at the polls and the dialectical disputes between the two great candidates could lead to “a scenario similar to that of the Bush vs. Gore from 2000 ”.
Not everything goes
With such a scenario, “the longer the uncertainty about the electoral result continues, more backed we will see the safe haven assets”. And that, in US equities, is translated into the technological values that have not only weathered the current crisis, but have come out of it more strengthened. The 38% increases that the Nasdaq has added since January compared to the 0.5% that the Dow Jones has fallen are overwhelming.
However, even with all these premises, Paul O’Connor, head of multi-assets at the British manager Janus Henderson, warns that “We are not in a bullish phase” From the market. Thus, it becomes decisive to take care of the selection of securities in which to invest while “health and technology titles celebrate the idea that Joe Biden’s plans will be mitigated by a Senate led by the Republican Party.”
More than 50%
Between the 21 listed Nasdaq companies that accumulate revaluations of more than 50% so far this year, the one with the most upside potential currently is Modern. The company involved in obtaining a vaccine against Covid-19 still has room to earn an additional 31%, up to $ 92.54 per share, according to the target price collected by Refinitiv.
Two other biotechnology companies complete the podium of those that, having risen strongly so far, could still do so more and with ease. DexCom Inc it has a consensus upward potential to add to the 57% accumulated since January. Regeneron Pharmaceuticals it could still increase its price per share by 15% after having added increases of 56%.
In the group of those who could enjoy the complicity of the ballot box are two giants of the world of electronic commerce. Amazon, which has appreciated 75% this year, has a run of 14% to $ 3,726.61 per share in which analysts indicate its target price.
The second of this business segment is PayPal. The advances of its graphics could reach 10% if the 220.03 dollars per title that experts mark for the electronic payments giant are considered good. A more than significant margin if one takes into account that it’s already up 80% since January and that the recent adoption of cryptocurrencies on their platforms has triggered a trickle of upward revisions from investor advice that has only just begun.
Above the 7.8% that shares still hold for the comeback Netflix (+ 54%), are placed NetEase (+ 53%) and Seagen (+ 57%), with an upward potential that respectively reaches 14.5% and 12% in the opinion of some analysts who are beginning to discount these new political arguments so that the Nasdaq rally continues far from being exhausted.
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