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Companies are investing heavily in software and analytics solutions to make their operations efficient. Analysts expect the U.S. tech market to expand by 7.4% in 2021 and by a further 6.7% in 2022. In addition, software spending is expected to accelerate significantly—10% in 2021 and just over 11% in 2022.
Given this backdrop, fundamentally sound tech stocks QUALCOMM Incorporated (NASDAQ:QCOM), Teradata Corporation (TDC), Box, Inc. (BOX), and Yelp Inc. (YELP), which are currently trading significantly below their 52-week price highs, could soar higher in the near term. These stocks are rated ‘Buy’ or ‘Strong Buy’ in our proprietary POWR Ratings system.
