Bernstein's top tech analyst says it's time to take some profits in the second half

A view of the Wall Street street sign with the New York Stock Exchange during the coronavirus pandemic on May 25, 2020 in New York City.
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Investors should consider trimming positions in tech growth stocks after their outperformance so far this year, Bernstein's Toni Sacconaghi said in a note to clients.

The closely followed Wall Street analyst said investors should shift to a market weight in tech for the second half, following a boom in work-from-home stocks and a Nasdaq Composite rising more than 16% year-to-date despite the pandemic.