Right now the market is what we call “range bound”.
That means it’s bouncing between one level of support and one level of resistance – and doesn’t appear to be close to breaking through either one.
For my money, I believe that we will see another bull rally before 2023 is over.
After all, the catalysts are still there – AI is a very real trend that isn’t slowing down…
The Fed is approaching the end of its rate hike cycle (if it isn’t there already)…
And the probability of the U.S. economy slipping into a recession seems to get more remote by the day.
So, even though tech stocks are pulling back right now, I believe we should look at this as an opportunity.
That’s why for today’s pick, I want to highlight a tech stock that’s pulled back by nearly 50% in the past two months – yet is still up nearly 145% for the year.
It’s also already profitable (unlike many tech stocks)…
And its core product also has generative AI capabilities built in.
With the stock having pulled back sharply, now could be the time to pick up this high-potential growth stock at 50% off…
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Opera Limited (OPRA)
Norwegian web browser company Opera is far from challenging the dominance of Google’s Chrome – currently ranking as the fifth most-used web browser.
But it doesn’t have to challenge Chrome in order to be a stock worth buying. The company has rebuilt its browser almost from scratch to integrate generative AI – which is now a core part of the browsing experience.
And despite its “small” market share, it has over 315 million monthly active users – which has allowed it to generate nearly $300 million in revenue over the past 12 months and nearly $60 million in operating income. Its forward revenue growth rate is solid, with the company expecting 15% revenue growth for the third quarter.
With a market cap currently standing at just over $1.3 billion – which again, is after its nearly 50% pullback, OPRA looks like a strong long-term growth play at current prices.
To your wealth,
Felix @ Ace of Investing
