Banking titan Wells Fargo says it is looking at two key plays with solid fundamentals that could generate returns for long-term investors.
In a new CNBC interview, Wells Fargo senior global market strategist Scott Wren says he’s piling onto tech titans and tech-adjacent companies, while reducing his exposure in one sector.
[adinserter block="1"]Wren says tech and financial firms are poised for significant growth in the years ahead, boosting both their valuations and share prices.
“Big-cap tech has been really driving the bus in tech and tech-like. If you look at communication services, where we’re trimming a little money from there, [tech and tech-like] had far and away the best earnings growth rate year-over-year. Tech was in there. Financials were in there.
We’re overweight in both those sectors. We like both sectors.
Big tech and big tech-like companies are going to continue to do well. They’re going to continue to have nice revenues and cash flow, so over the course of time, they are going to go higher, I think.
But communication services, as I mentioned, that’s one of the sectors where we are trimming a little money. Put back into financials, which has trailed a little bit over the last three months but we like.”
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