The tech-centric index is taking a break from its relentless run, but some stocks in the Nasdaq have much further to climb, according to Wall Street.
The Nasdaq Composite is a broad-based, tech-centric index tracking the performance of the more than 3,000 stocks listed on its exchange. In early July, the index hit a new all-time high, marking its sixth straight record close and its 27th so far this year. After that epic run, the Nasdaq is taking a well-deserved breather, down some 11% from its peak at recent prices. This has some investors wondering if the rally has run out of steam. Wall Street is weighing in and believes there’s still more upside ahead.
XM Investment analyst Marios Hadjikyriacos is among the bulls. “Stock markets are enjoying the best of all worlds, buoyed by a resilient U.S. economy and speculation that Fed rate cuts are just around the corner, helping to justify stretched valuations,” he wrote. UBS analyst Mark…
