With solid progress on the vaccination front, and as people return to offices, analysts expect tech spending to increase. Wall Street analysts expect lesser-known tech stocks Nutanix (NASDAQ:NTNX), Cerence (NASDAQ:CRNC), and Desktop Metal (DM ) to rally by more than 55% in the near term.Technology has transformed itself in leaps and bounds over the last decade. According to Forrester, with increasing vaccination rates and more people going back to their offices, United States tech budgets are expected to grow 6.7% in 2022, with software spending growing just over 11%.
Over the past six months, the Technology Select Sector SPDR Fund (XLK) gains of 20.8% outperformed the SPDR S&P 500 ETF Trust’s (SPY) 7.3% gains. However, due to the omicron variant, inflationary pressures, and climbing treasury yields, popular tech stocks with high prices might experience a pullback.
Hence, lesser-known tech stocks Nutanix, Inc. (NTNX), Cerence Inc . (CRNC), and Desktop Metal, Inc. (DM) might be ideal additions to one’s watchlist. Wall Street analysts see more than 55% upside potential for these stocks.