3 top tech stocks not ‘yesteryear’ names: Pro
Three technology companies that have been "misperceived" actually offer buying opportunities, Paul Meeks of Saturna Capital said Wednesday.
Meeks, who has $4 billion in assets under management, added that he was "a little bit worried about IT spending," too.
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On CNBC's "Fast Money," Meeks also said that there was opportunity in a few oversold tech stocks.
"I'm particularly interested in some of these companies that have been misperceived as yesteryear companies," he said. "I'm thinking Cisco, EMC and IBM. They all have some short-term problems, but they are addressing current technology themes. The stocks have come down way too far."
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Meeks said that the three tech companies had been lumped in with other old-tech names.
"They've been perceived as companies such as maybe an Intel, a Microsoft, a Dell, a Hewlett-Packard that are totally PC-driven, which is bad," he said. "But these companies are not, and I think they're going to be good values."
Meeks said that he liked EMC for how it was positioned within the industry.
"I also believe going forward they are going to be an important enabler of the combination of private and public cloud infrastructure, which'll be a big deal," he said. "I don't see that to the same extent with the hard-disk drive makers like Seagate and Western Digital."
Disclosure: Paul Meeks is long CSCO and EMC.