With the Nasdaq 100 rebounding and not far off its record highs, several names in the tech-heavy index have fallen through the cracks. Baidu, Splunk, Zoom, Peloton and Tesla are all between 30% and 50% below their 52-week highs.
In a Friday interview with CNBC's "Trading Nation," Boris Schlossberg of BK Asset Management picked his revival story.
"I really like Peloton because to me, this is a secular success story," said the firm's managing director of FX strategy. "I think Peloton is really going to be sort of the Netflix of the workout world."
Even as Covid restrictions ease and people begin filing back into gyms and indoor cycling studios, Schlossberg said, "the convenience of Peloton is so compelling that I think they are going to maintain their subscriber base."
He called attention to the way the company has innovated and revolutionized the workout industry. He also said he expected the company to lower costs in the long term while maintaining and growing its customer base, as seen with many technology-based companies.
On top of this, Schlossberg said the company has a "first-mover advantage" with its subscription-based model.
"Wall Street loves to value subscription services. That's the future digital economy and that's what makes Peloton such a compelling long-term buy," he said.
In the same interview, Craig Johnson, senior technical research analyst at Piper Sandler, said that while he also liked Peloton, he preferred Tesla out of that group.
Zooming into Tesla's chart, Johnson said the stock was consolidating.
With Tesla now about 30% off its highs, it seems to be in a trading range, between about $500 per share on the lower end and $900 per share on the upper end, he said.
"From my perspective, you've got 40-plus percent upside, 17% downside," he said. "This is a stock that I think can do well moving into the second half of the year."
Johnson also said Tesla is well liked at Piper Sandler by senior research analyst Alex Potter, who slapped a $1,200 price target on the stock. That is nearly double where it is trading today.
"It looks like the fundamentals and technicals seem to align here," Johnson said.