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COMMENT
Jitters in tech stocks over last few sessions. Not just tech. There's volatility everywhere. There's the global reflation trade. But you also have the stay at home trade, which boosted the tech side, but now you have the return to normal. Money being taken off the table from tech and put into cyclicals like financials, energy, industrials, materials. The Fed is caught between a rock and a hard place. If bond yields continue to rise in response to stimulus and trying to protect jobs, the Fed might be forced to tighten policy too quickly. But a complacent stance could cause overheating risks. Important catalysts coming up: US fiscal bill, JNJ emergency doses being added to supply. All creating unpredictability. He's sitting fully invested across 29 tech vendors and end users. He also has a 62% short equity hedge, which has been coming down.
HOLD
Price target of $512, so still some runway. Star performer in cloud communications as a service. It's expensive. If you own it, hold it. If you don't own it, look at Bandwidth (BAND) instead, with a more reasonable valuation of just under 10x forward revenues.
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BUY
BAND vs. TWLO TWLO has been a star performer in cloud communications as a service. Twilio has a price target of $512, so still some runway. It's expensive. If you own it, hold it. If you don't own it, look at Bandwidth (BAND) instead, with a more reasonable valuation of just under 10x forward revenues.
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