Tech's record run is in the early innings, BofA's Rick Sherlund predicts (via TradingNation)
"The sector offers phenomenal growth, and right now, the Street is valuing that growth because you can't find growth elsewhere," Sherlund said."Software used to be the tail of the dog, and now it's become the head of the dog," he said. "People use this to not only work at home, but shop at home, to learn at home, to play, to entertain at home [and] to socialize. So, software is really becoming the business.
However, Sherlund acknowledges the rally could see some temporary burnout due to the nature of the economic recovery. "It's likely to be led by the cyclical sectors that have lagged behind, and that's going to require a vaccine," he added. "But the growth rates that we see in the sector are just getting started.""We are seeing a new generation of technology emerging over the horizon, a new generation of visionary leaders. It's well funded and guided by experienced VC board members." said Sherlund. "There's an awful lot to be done in the space.
He expects innovation to overshadow risks including the presidential election and U.S.-China trade tensions. "Companies are probably going to go out in an earlier stage," Sherlund said. "I have companies now that are doing about $100 million [in revenues] saying 'can we hit the window next year?'"
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