INSUBCONTINENT EXCLUSIVE:
Last year, a handful of large-cap tech stocks were responsible for most of the valuation expansion in the sector
A different pattern is playing out this year.
High flyers like Amazon.com Inc
seeing their earnings multiples shrink
a market cap-weighted basis, the earnings multiples of the 10 largest tech companies in the sector have contracted by 2 per cent points this
forward earnings, the highest among its industry peers.
Still, the sector that has advanced 11 per cent this year compared with a 2 per cent
gain in the broader market is a buying opportunity to Bernstein
