Tech stocks could be up for another difficult year ahead but there are select names within this space that will likely do good in 2023, says the Mad Money host – Jim Cramer.
Here are his top three tech stocks for the coming year.
Oracle Corporation (NYSE: ORCL)
Oracle had what Cramer called a “magnificent” second quarter (read more) and he expects that strength to continue moving forward.
Shares of the computer technology company are already up nearly 30% versus its low in late September, but the Mad Money host is convinced that it will go further up from here. He’s bullish on its $28 billion acquisition of Cerner as well.
I think that this thing has got a very durable business. It’s almost a crime against humanity that the stock is so cheap.
Cramer also has confidence in Safra Catz – the Chief Executive of Oracle Corporation.
Broadcom Inc (NASDAQ: AVGO)
Earlier in 2022, Broadcom said it plans on spending a whopping $61 billion to acquire VMware – it’s biggest acquisition to date that Cramer expects will unlock significant upside. Last night on Mad Money, he said:
That transaction might take some time to get regulatory approval, but the transformational deal will give them a lot more data-centre exposure, which matters to me.
The Nasdaq-listed firm recently raised its dividend by 12% to $4.60 a share and also has authorisation to buyback $13 billion worth of its stock.
Cramer recommends buying Broadcom stock here at 14 times earnings that suggest a reasonable discount.
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