Some tech stocks are due for outperformance heading into year's end, according to UBS.
Nvidia dragged other chip stocks down with it, with the VanEck Semiconductor ETF (SMH) suffering its worst day since March 2020.
Wall Street is also bullish on the chipmaker, with 41 of the 50 analysts covering the name issuing a strong buy or buy rating, according to LSEG.
In the IT hardware and electronics manufacturing services sector, UBS named Dell Technologies , given a PC refresh cycle and developing strength in AI optimized servers.
UBS has a buy rating on the stock, and its target implies more than 48% upside from Tuesday's close.
Persons:
chipmaker, Timothy Arcuri, Palantir, monetization
Organizations:
UBS, Nvidia, VanEck Semiconductor, Devices, AMD, Dell Technologies, DELL, P Global, Dell, Spotify