Tech stocks were extending their recent recovery on Tuesday, with the tech-heavy NASDAQ surging 1.74%. The good news, according to Wedbush’s Daniel Ives – a 5-star analyst rated in the top 2% of the Street’s stock pros – is the development of a tech rally that is anticipated to conclude the year on a bullish note.
Ives doesn’t hesitate to explain his stance, writing in a recent note on the situation and prospects for tech stocks: “We see tech stocks rallying into year-end as the new tech bull markets powers through near term Fed worries… It’s the rocket ship-like trajectory of AI driven growth that will hit the shores of the tech industry over the next 12-18 months that speaks to our unabated bullishness for tech stocks.”
Against this backdrop, Ives has pinpointed an opportunity in two AI-driven stocks that he thinks are ready to make the most of this new tech bull market. We ran the pair through the TipRanks database to find out what other Street analysts have to say too. Let’s check the results.
Consensus Cloud Solutions (CCSI)
Say ‘fax,’ and you’ll be hopelessly transported back to the 1990s for most people. However, today’s industry has an answer in the form of digital cloud faxing. The first stock we’ll look at is Consensus Cloud Solutions, an information tech firm that specializes in this niche, offering digital cloud faxing and other data transmissions to a variety of industries. The company has a particularly strong position in the healthcare industry, but it also serves clients in finance, insurance, real estate, and manufacturing.
Consensus Cloud’s products include eFaxCorporate, the industry’s #1 e-faxing platform, as well as platforms for interoperability, API connectivity, NLP/AI document processing, and HIPAA compliant e-signatures. With a 25-year history of creating and marketing advanced data solutions for regulated industries, the company has combined its experience with the latest in secure cloud and data document transmission solutions.
To give one example, Consensus Cloud announced earlier this…