Wall Street appears to be embracing tech stocks with several analysts getting behind the trend. Merrill Lynch named tech its top sector while Goldman upgraded the chip space saying it should outperform the market into 2009.
But that’s just the beginning. Citigroup is bullish on Texas Instruments citing a large increase in chip orders, Goldman named Cisco to “Americas Conviction Buy List” in March and Piper Jaffray continue to be bullish on Apple .
What's next for tech stocks now that they have Wall Street's full support?
It seems the Street is warming up to tech but these guys are late to the party, says Guy Adami. The stocks have run. If you’ve followed me into Western Digital it’s time to take profits. And I also like Intel but on a dip.
I agree that the Street is late to the party, adds Karen Finerman.
If you want to get into this space, stick with the stocks that have lagged, counsels Pete Najarian. Keep an eye on EMC Corp. and Microsoft .
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Trader disclosure: On May 19, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Adami Owns (C), (GS), (INTC), (MSFT), (AGU), (BTU), (NUE); Najarian Owns (AAPL), (TSO), (XLF); Najarian Owns (TE) Calls; Macke Owns (DIS), (INTC), (ATVI), (EMC); Finerman Owns (GS); Finerman's Firm And Finerman Own (HD) And (HD) Puts; Finerman's Firm Owns (GLNG), (MSFT), (SUN), (TSO), (VLO); Finerman's Firm And Finerman Own (C) And (C) Leaps; Finerman's Firm Owns SPX Index Puts; Finerman's Firm Is Short (IYR), (IJR), (MDY), (SPY), (IWM)