Story of the day
The global technology sector kickstarted the year strong, outperforming global equities by 8% year-to-date. While tech leaders have reported a mixed bag of earnings in their recent result announcements, management teams have generally guided for an optimistic outlook. With a projected 20% forward earnings growth expected in 2024, there is attractive value and further upside for multiple expansion. With their continued appeal to a new generation of consumers, we anticipate that the sector will be able to maintain premium valuations that will never go out of style.