Citi is eyeing a pullback in tech stocks as a potential buying opportunity.
Citi isn't shying away from tech stocks. "Last quarter, we took profits on our US and Global Tech Overweights, but suggested buying dips," Citi strategists wrote in a Friday note. "We have now seen a meaningful pullback and thus upgrade global Tech once again." Tech stocks have been under pressure recently as Treasury yields rise to multiyear highs, making growth-oriented tech names less attractive. The Nasdaq Composite alone shed 5.
IXIC YTD mountain Nasdaq Composite year-to-date performance With a preference for Europe and emerging markets, Citi reiterated its overweight rating on the regions. It has a neutral stance on the U.S. and Japan and is underweight on Australia and the United Kingdom. "We continue to prefer Europe and EM over the US, as increased chances of a US soft landing and stabilizing Chinese growth should support Cyclical markets," the note said.
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