Credit Suisse says take some profits in tech, vaccine is negative for shares

Satya Nadella, CEO of Microsoft, speaks with Herbert Diess, CEO of Volkswagen AG, (not pictured) at a "fireside chat" to the media about a joint project between the two companies called the Volkswagen Automotive Cloud on February 27, 2019 in Berlin, Germany.
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With potential for a coronavirus vaccine in the next few months, it's time for investors to be more selective, according to Credit Suisse. 

The Wall Street firm reduced the size of its recommended tech position on Thursday, telling clients to stay in tech, but own less in the high flying sector. 

"We still recommend being overweight (albeit smaller) because we view tech as defensive, cyclical into an upturn, growth and a beneficiary from a weak dollar," Credit Suisse research analyst Andrew Garthwaite told clients. "If there is a vaccine, those areas of the market most sensitive to the virus (financials, utilities, real estate and leisure) may rebound, and this would likely be negative for tech."