Credit Suisse is bullish on technology and internet retail, despite whopping valuations and an impressive tear since January.
While tech and internet retail stocks – a group Credit Suisse dubs "Tech+" – have added 88 percent since the beginning of 2014, the S&P 500 has only posted 26 percent over the same time excluding Tech+, according to chief equity strategist Jonathan Golub.
"TECH+ revenues and earnings look particularly attractive on both a forward and trailing basis," wrote Golub on Monday. "Price volatility for TECH+ stocks has declined more than any other sector over the past 20 years. The group is less economically sensitive than other cyclical groups and deploys less financial leverage."