Truist cuts Technology to neutral short-term following sector's hefty gain

seekingalpha06-22

Truist downgraded its rating on the Technology sector (SP500-45TR0)(XLK) to neutral from overweight on Friday following a sharp run-up by the group against the S&P 500 (SP500)(SPY). Keith Lerner, ...

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Keith Lerner, ...</p>\n\n<a href=\"https://seekingalpha.com/news/4118040-truist-cuts-technology-to-neutral-short-term-following-sectors-hefty-gain\">Source Link</a>\n\n</div>\n","source":"seekingalpha","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Truist cuts Technology to neutral short-term following sector's hefty gain</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTruist cuts Technology to neutral short-term following sector's hefty gain\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-06-22 04:35 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/news/4118040-truist-cuts-technology-to-neutral-short-term-following-sectors-hefty-gain><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Truist downgraded its rating on the Technology sector (SP500-45TR0)(XLK) to neutral from overweight on Friday following a sharp run-up by the group against the S&P 500 (SP500)(SPY).  Keith Lerner, ...</p>\n\n<a href=\"https://seekingalpha.com/news/4118040-truist-cuts-technology-to-neutral-short-term-following-sectors-hefty-gain\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0198837287.USD","symbol_name":"UBS (LUX) EQUITY SICAV - USA GROWTH \"P\" (USD) ACC","start_time":0,"source_url":"https://seekingalpha.com/news/4118040-truist-cuts-technology-to-neutral-short-term-following-sectors-hefty-gain","article_id":"2445679704","we_media_id":null,"thumbnails":["https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1979289147/image_1979289147.jpg"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2445679704","pubTimestamp":1719002118,"sourceInfo":{"source_id":"seekingalpha","name":"Seeking Alpha"},"weMediaInfo":null,"summary":"Truist downgraded its rating on the Technology sector (SP500-45TR0)(XLK) to neutral from overweight on Friday following a sharp run-up by the group against the S&P 500 (SP500)(SPY).  Keith Lerner, chi","collect":0,"end_time":0,"defaultTopTitle":"seekingalpha.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"LU0198837287.USD":"UBS (LUX) EQUITY SICAV - USA GROWTH \"P\" (USD) ACC","LU0289960550.SGD":"AB FCP I - GLOBAL EQUITY BLEND PORTFOLIO 'A' (SGD) ACC","BK4548":"巴美列捷福持仓","LU0786609619.USD":"高盛全球千禧一代股票组合Acc","BK4514":"搜索引擎","XLC":"Communication Services Select Sector SPDR Fund","LU0985489474.SGD":"First Eagle Amundi International AHS-C SGD-H","NVDA":"英伟达","SDS":"两倍做空标普500ETF","GOOGL":"谷歌A","BK4532":"文艺复兴科技持仓","LU0289941410.SGD":"AB FCP I Dynamic Diversified AX SGD","LU0211328371.USD":"TEMPLETON GLOBAL EQUITY INCOME \"A\" (MDIS) (USD)   INC","IVV":"标普500指数ETF",".SPX":"S&P 500 Index","SH":"标普500反向ETF","IE00BLSP4239.USD":"Legg Mason ClearBridge - Tactical Dividend Income A Mdis USD Plus","OEX":"标普100","BK4553":"喜马拉雅资本持仓","LU0557290698.USD":"施罗德环球可持续增长基金","SSO":"两倍做多标普500ETF","BK4593":"纳斯达克ETF","BK4567":"ESG概念","QQQ":"纳指100ETF","BK4576":"AR","XLK":"高科技指数ETF-SPDR","BK4533":"AQR资本管理(全球第二大对冲基金)","LU0068578508.USD":"First Eagle Amundi International Cl AU-C USD","IE00B19Z9505.USD":"美盛-美国大盘成长股A Acc","LU0642271901.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD-H","LU0312595415.SGD":"Schroder ISF Global Climate Change Equity A Acc SGD","BK4566":"资本集团","XLRE":"Real Estate Select Sector SPDR Fund","MSFT":"微软","OEF":"标普100指数ETF-iShares","LU0056508442.USD":"贝莱德世界科技基金A2","SPXU":"三倍做空标普500ETF","BK4538":"云计算","META":"Meta Platforms","XLU":"公共事业指数ETF-SPDR","VGT":"信息技术ETF-Vanguard","SPY":"标普500ETF","XLY":"消费品指数ETF-SPDR可选消费品","LU0965509010.AUD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (AUDHDG) INC","GOOG":"谷歌","BK4561":"索罗斯持仓","UPRO":"三倍做多标普500ETF","SOXX":"iShares费城交易所半导体ETF","SMH":"半导体指数ETF-HOLDRs"},"translate_title":"在该行业大幅上涨后，Truist将技术短期下调至中性","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"XLY":1,"META":1,"MSFT":1,"NVDA":1,"QQQ":1,"GOOGL":1,"GOOG":1,"SMH":1,"SOXX":1,"SPY":1,"VGT":1,"XLC":1,"XLU":1,"XLK":1,"XLRE":1,"OEF":0.6,"OEX":0.6,"SDS":0.6,"SH":0.6,"UPRO":0.6,"SSO":0.6,"SPXU":0.6,"ESmain":0.6,"IVV":0.6,".SPX":0.6},"content_text":"Truist downgraded its rating on the Technology sector (SP500-45TR0)(XLK) to neutral from overweight on Friday following a sharp run-up by the group against the S&P 500 (SP500)(SPY).  Keith Lerner, chief market strategist at Truist, said Technology has gained about 40% since it overweighted the sector in November 2023, an outperformance of the S&P 500 (SP500)(IVV) by about 16 percentage points. “Although we still have a favorable long-term view of Technology, on a shorter-term basis the sector appears extended, and we would not be chasing the sector,” Lerner said in a note.  The “downgrade is simply meant to highlight that the risk/reward in our work from a shorter-term perspective is less attractive,” he said. “There will likely be a better opportunity to deploy capital in a meaningful way, and we will be looking for a better entry point to upgrade the sector in the future.”   Tech’s (XLK) relative outperformance on a one-month basis was recently near 11%, reaching the most extreme since 2002, he said. The most recent outperformance has been largely fueled by an expansion in valuations and \"optimistic sentiment,\" he said. \"Indeed, since May 1, the tech sector’s forward P/E has jumped from 26x to 31x (~19% increase),” Lerner said.  Nvidia’s (NVDA) stock has been at the fore of the artificial intelligence investment trend, with the AI chipmaker up +156% this year. Alphabet (GOOG)(GOOGL), Meta (META) and Microsoft (MSFT) have also shot higher on prospects for their AI innovation.  Lerner said the Tech sector appears far from bubble territory and that secular tailwinds will persist around AI.  Truist is still overweight the Communication Services (XLC) sector, Utilities (XLU) and underweight Consumer Discretionary (XLY) and Real Estate (XLRE). Other tech ETFs include: (QQQ), (SMH), (SOXX), (VGT).","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.24.2","shortVersion":"4.24.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2445679704"}