Top 5 Tech Stocks You May Want To Dump This Month
Portfolio Pulse from Avi Kapoor
As of Feb. 6, 2024, five tech stocks are considered overbought based on their RSI values, indicating potential short-term performance concerns. Everbridge, Inc. (EVBG) announced an acquisition by Thoma Bravo, Super Micro Computer, Inc. (SMCI) reported strong Q2 results, Coherent Corp. (COHR) posted better-than-expected quarterly results, NVIDIA Corporation (NVDA) received a price target increase from Goldman Sachs, and Taiwan Semiconductor Manufacturing Company Limited (TSM) reported Q4 revenue that beat consensus.
February 06, 2024 | 1:26 pm
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NEUTRAL IMPACT
COHR's better-than-expected results and a 17% monthly gain could stabilize its stock.
Positive earnings can support a stock's price, but overbought conditions may limit upside.
CONFIDENCE 70
IMPORTANCE 75
RELEVANCE 80
NEUTRAL IMPACT
Everbridge's acquisition by Thoma Bravo and a 23% stock gain could indicate short-term volatility.
Acquisitions often lead to short-term stock volatility due to market reactions to the news.
CONFIDENCE 75
IMPORTANCE 80
RELEVANCE 90
NEUTRAL IMPACT
NVDA's price target hike to $800 and a 33% monthly gain indicate high expectations.
A significant price target increase and recent gains may already reflect positive sentiment, limiting further short-term upside.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 95
NEUTRAL IMPACT
TSM's Q4 revenue beat and a 16% monthly gain suggest continued investor confidence.
Beating revenue expectations can boost confidence, but an overbought RSI may signal caution.
CONFIDENCE 75
IMPORTANCE 80
RELEVANCE 85
NEGATIVE IMPACT
SMCI's strong Q2 results and a 107% monthly gain suggest a possible correction.
A rapid stock price increase often precedes a short-term correction as investors take profits.
CONFIDENCE 80
IMPORTANCE 85
RELEVANCE 90