This Stock Is “Screaming Buy” Says CEO of Ritholtz Wealth Management

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The Wall Street bull is seen in the financial district in New York, U.S., March 7, 2017. REUTERS/Brendan McDermid

Tech stocks got shattered this week, with the Nasdaq Composite slumping more than 3% Wednesday after the U.S. Federal Reserve hikes rates by another 0.75 percentage point.

Analysts are split over whether growth stocks such as tech are set to rebound, with much depending on the Fed’s future rate hikes. Tech stocks have been underperforming all year, with the Nasdaq 30% lower year-to-date.

However, Josh Brown, co-founder and CEO of Ritholtz Wealth Management, says one mega-cap tech stock is a “screaming buy.”

It’s Alphabet, a stock he says is an “advertising pure play.”

“If you think we’re going into a 2008-style global recession, you probably don’t want to own anything exposed to the advertising market, because it could be a horrible year. I don’t think that’s going to be the case,” Brown told CNBC’s “Street Signs Asia.” “And so I think Alphabet right now is a screaming buy.”

Still, he said that it’s a challenging environment for advertisers.

“Don’t expect this to be a hot stock right now. But I think it’s insanely cheap, both in absolute terms and relative to its own history,” Brown added.