As businesses and organizations continue to rely heavily on advanced technologies amid ongoing widespread digitization, the tech space should continue to enjoy bullish investor sentiment. As a result, popular tech stocks like KLA Corporation (KLAC) and Nokia (NYSE:NOK), whose ratings have recently been upgraded by the Wall Street analysts, could gain significantly in the coming months. Read on.As companies stick with virtual work arrangements even as the effects of the COVID-19 pandemic abate, the technology sector should continue to generate strong momentum. According to a survey conducted by E-Trade, 46% of wealthy investors picked tech as their top target for gains in the third quarter, up from 34% in the second quarter.
Furthermore, rapid digitalization across all sectors, coupled with the increasing adoption of advanced technological solutions and widespread deployment of 5G, will likely fuel the industry’s growth. This has made investors bullish about the industry, as evidenced by the Technology Select Sector SPDR Fund’s (XLK) 12.4% returns over the past three months.
Considering these factors, fundamentally strong tech stocks KLA Corporation (KLAC) and Nokia Corporation (NOK), which Wall Street analysts have upgraded recently, we think could be wise additions to your portfolio now.