The growing adoption of cloud computing and artificial intelligence solutions for hybrid working, and businesses’ continuing digitization, are propelling the technology industry’s growth. So, we think it could be wise to bet on low-priced tech stocks LG Display (NYSE:LPL) and GoPro (GPRO) which are well-positioned to capitalize on the industry tailwinds. These stocks are rated ‘Buy’ in our proprietary rating system.Businesses have strengthened their hybrid working models by integrating cloud computing, artificial intelligence, and other advanced technologies. This, along with the expansion of data centers and business automation, is driving the technology industry’s growth. Also, the growing need for data and analytics capabilities and the 5G rollout should keep the industry’s products, services, and solutions in demand. According to a Forrester report, the U.S. tech spending is expected to grow by 7.4% in 2021 and by 6.7% in 2022.
Investors’ interest in the technology industry is evidenced by the iShares Global Tech ETF’s (IXN) 34.2% returns over the past year versus the SPDR S&P 500 ETF Trust’s (SPY) 30% gains.
Therefore, we think fundamentally sound tech stocks LG Display Co ., Ltd. (LPL) and GoPro, Inc. (GPRO) could be solid bets now. These two stocks are currently trading at less than $15 but hold significant upside potential. They are rated ‘Buy’ in our proprietary rating system.