Goldman Sachs managing director Greg Tuorto is saying that an under-the-radar equity group is now flashing signs of bullish momentum.
In a new CNBC interview, Tuorto says the small-cap stocks possess more upside potential amid attractive valuations and the possibility of various catalysts spurring more appreciation.
[adinserter block="1"]“We’re starting to see some signs of life in the small cap market. As you mentioned, it’s been a good month to date for small versus large. We think that’s a reflection of a number of things. There are some catalysts in the stocks, but they’re extraordinarily cheap, and the underlying economic environment is quite good. And I think, as we set our sights on the Fed cutting rates in the back half of the year, you have a couple of tailwinds.”
With consumer activity serving as the leading driver for the uptrend in the stock market, the Goldman Sachs executive names a few sectors that are also likely to get a boost.
“I think you have to start to see a hand-off to some other sectors. We’re pretty encouraged about tech, software, semiconductors would be an area that, I think, could take a nice hand-off. But also aerospace and defense have done quite well. And we expect to see some more [Initial Public Offering] IPO activity in that space, because space is quite active. The private side of the space sector is quite active right now.”
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