While on the surface it appears that the stock market has had an incredible first five months, especially compared with 2022, in reality it has just been a handful of stocks that have lifted the Nasdaq up a stunning 25% and the S&P 500 up almost 10%. Just to prove how narrow the rally has been, the venerable Dow Jones industrials were actually down 0.13% in 2023 as of Friday’s close.
So what are growth stock investors to do? Chase the rally that has been driven by the innovations in artificial intelligence? There is always a chance it continues higher, but with Nvidia’s market cap over $1 trillion after Tuesday’s close, it looks as though much of the money has been made.
We screened our 24/7 Wall St. technology universe looking for stocks that still have upside from current levels and are rated Buy but also come with dependable dividends. That way, if the rally stalls, there is a reason to hold on to these quality, and in some cases, old-school names.
It is important to remember that no single analyst report should be used as a sole basis for any buying or selling decision.
Cisco
Investors who are more conservative may want to consider this mega-cap tech leader, which recently posted outstanding quarterly results. Cisco Systems Inc. (NASDAQ: CSCO) designs, manufactures and sells internet protocol (IP) based networking products and services related to the communications and information technology industry worldwide.
Cisco provides switching products, including fixed-configuration and modular switches, and storage products that provide connectivity to end users, workstations, IP phones, wireless access points and servers, as well as next-generation network routing products that interconnect public and private wireline and mobile networks for mobile, data, voice and video applications.
Its cybersecurity products give clients the scope, scale and capabilities to keep up with the complexity and volume of threats. Putting security above everything helps corporations innovate while keeping their assets safe.
The networking giant posted solid fiscal first-quarter results that beat earnings expectations, and it offered up strong forward guidance.
Investors receive a 3.13% dividend. Credit Suisse has a $69 target price on Cisco Systems stock, while the consensus target is $56.28 and Tuesday’s closing share price was $50.17.
Corning
This company continues to be a huge player in the fiber optic world. Corning Inc. (NYSE: GLW) is a technology pioneer that manufactures LCD glass for flat-panel displays for multiple product lines.
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