Goldman Sachs says these 10 stocks are dangerously overvalued and could tumble 20% — and their list includes Apple, which they see plunging 35% this year
David Kostin, Goldman Sachs chief U.S. equity strategist, speaks during an interview with CNBC on the floor of the New York Stock Exchange in New York, U.S., July 11, 2018.simply click here to claim your deal and get access to all exclusive Business Insider PRIME content.
Kostin calls for a sell-off of 20% or more in 10 stocks, and six are in the consumer or tech sectors.Investors had a lot to be happy about in 2019 as all kinds of assets went up — but when almost everything rises, some are inevitably going to be overpriced. "In 2019, Info Tech returned 50%, the best of any sector, and accounted for 32% of the rise in the overall index. Only two other sectors, Financials and Communication Services , outpaced the market," he wrote in a note to clients.
Goldman estimates that Apple's profits will come up well short of Wall Street forecasts this year, and that the tech giant will see its earnings grow at about the same rate as the rest of the market over the next two years.
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