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Brokers suggest buying these two tech stocks despite a reported drop in their revenues
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TD SYNNEX (NYSE: SNX) and Transphorm Inc. (NASDAQ: TGAN) released their financial results on June 27, 2023. Both the companies belong to the technology sector, with TD SYNNEX engaged in the cloud and cybersecurity arena and Transphorm being a semiconductor designer and manufacturer.
Analysts revised their ratings on these stocks soon after they released their financial results. The average recommendation rating on these stocks stands close to a ‘Buy’ rating. The mean recommendation rating on TD SYNNEX is 1.9 and that on Transphorm is 2.3 on a scale of one to five. Here one represents ‘Strong Buy’ rating and five represents a ‘Strong Sell’ rating.
The US technology sector has seen a bevy of challenging headwinds, ranging from widescale layoffs in the sector to the disruption caused by AI. TD SYNNEX and Transphorm also saw revenue slowdown during early 2023. However, brokers have retained a ‘Buy’ rating on these stocks.
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