BofA top banker Rick Sherlund predicts 2023 tech comeback, delivers bullish software call (via CNBCFastMoney)
Sherlund's base case is the move to high-growth areas such as the cloud will provide a long-term boost to software stocks.
"People have to recognize that this is an economically sensitive sector," he said. "Some of the demand may have been pulled forward during the pandemic period and when rates were zero." Sherlund contends powerful secular tailwinds will ultimately lift the group. And, it should help kick off"There will be an inclination to pick up the phone and have that M&A conversation where in the past it was probably little incentive to do that," said Sherlund. "There's an awful lot of dry powder out there."
He believes stability later this year in the Federal Reserve's interest rate hike trajectory will spark deal-making by helping the challenged leveraged finance market.
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