Tech stocks are poised to increase even more should a second wave of the virus force people indoors through the winter and possibly the entire spring. Though a couple of coronavirus vaccines appear to show promise, it will take two rounds of the vaccine and a halt in virus mutations to bring an end to the pandemic.
In the meantime, certain tech stocks are likely to boom. The only question is which specific tech stocks will pop in the months ahead.
Here is a quick look at five blazing hot tech stocks every investor should consider buying before the start of the new year: Qualcomm (QCOM), Texas Instruments Incorporated (TXN), ServiceNow (NOW), Analog Devices (ADI), and Ubiquiti (UI).
The digital wireless telecommunications products made by the likes of QCOM are likely to prove even more popular should the pandemic continue through the winter and spring. Check out QCOM’s POWR Ratings, and you will find “A” grades in the Industry Rank, Buy & Hold Grade, and Trade Grade components. QCOM is ranked third out of nearly 90 publicly traded companies in the Semiconductor & Wireless Chip industry.
Most analysts are bullish on QCOM, setting an average price target of $155.45, indicating a potential 5% upside. Furthermore, investors should be ecstatic that QCOM has received a license to sell 4G chips to Huawei. Add in the fact that QCOM has a reasonable forward P/E ratio of 21, and investors have even more reason to consider buying around the $150 level.
Texas Instruments Incorporated (TXN)
Few stocks are as hot as TXN. This Dallas-based company makes digital signal processing, mixed-signal, and analog integrated circuits. The company’s manufacturing and design facilities, including its wafer fabrication and test/assembly operations, are firing on all cylinders. TXN will likely play an increasingly important role in providing the chips that automate all different devices, ranging from cars to smartphones, medical devices, and beyond.
TXN has soared from its coronavirus low in the $90s to more than $150. TXN has “A” grades in the Industry Rank, Buy & Hold and Trade Grade POWR Ratings components. TXN is ranked…
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