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Tech stocks have gotten slammed along with the rest of the stock market over the past two weeks.
Since President Donald Trump announced sweeping tariffs on April 2, the uncertainty has unleashed a bloodbath on Wall Street: The S&P 500 SPX is off 6.9% since that day, while the Roundhill Magnificent Seven exchange-traded fund MAGS is down 10% over the same period.
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The tariffs have created even more uncertainty in tech stocks that are tied to hardware sales, causing a violent pullback. Their fall from grace has been especially harsh, with stocks like Nvidia Corp. NVDA shedding 8%, Dell Technologies Inc. DELL losing 11% and Micron Technology Inc. MU declining by about 22% since April 2.
The turmoil isn’t over yet. Nvidia’s stock has gotten pounded since the company disclosed late Tuesday that it would be required to obtain a license from the U.S. government to export its H20 chips to China, Hong Kong and Macau. The stock has fallen by over 9% since Tuesday’s close.
Read also: As Nvidia’s stock sinks on China setback, here’s Wall Street’s big question
While in certain cases, the selling may be warranted because the cost of imports and even exports will squeeze hardware companies’ profit margins, the declines may have been a bit too steep for some high-quality names — at least that’s what Wall Street analysts think. Many of them have been lowering their price targets to factor in tariff costs, but they’re largely retaining their bullish ratings — and their new targets imply substantial room for these stocks to run higher.
For investors with a high risk tolerance and a cool head, this may be one of those “buy the dip” moments that don’t come along too often.
MarketWatch looked at tech stocks for which at least 75% of analysts carry bullish ratings. The chart below shows which of those stocks have the most potential upside based on their mean price targets on FactSet.
| Company | Ticker | Implied upside to average 12-month price target | Share of buy and overweight ratings | YTD price change |
| Micron Technology Inc. | MU | 84.7% | 85% | -18% |
| First Solar Inc. | FSLR | 80.90% | 87% | -27% |
| Western Digital Corp. | WDC | 71.5% | 79% | -19% |
| Nvidia Corp. | NVDA | 62.7% | 88% | -24% |
| Arista Networks Inc. | ANET | 54% | 77% | -36% |
| Trimble Inc. | TRMB | 51.8% | 93% | -18% |
| Dell Technologies Inc. | DELL | 50.4% | 85% | -26% |
| Salesforce Inc. | CRM | 50.1% | 79% | -26% |
| Synopsys Inc. | SNPS | 47.6% | 91% | -15% |
| Meta Platforms Inc. | META | 44.6% | 88% | -14% |
| Broadcom Inc. | AVGO | 42.2% | 89% | -26% |
| NXP Semiconductors NV | NXPI | 41% | 79% | -18% |
| Workday Inc. | WDAY | 38.7% | 76% | -14% |
| ServiceNow Inc. | NOW | 37.4% | 84% | -27% |
| Alphabet Inc. | GOOGL | 36% | 83% | -20% |
Many of the names on the list are facing near-term uncertainty, which has caused investors to discount them negatively. However, analysts believe comebacks could be in store, owing to factors such as the companies’ growth trajectories or market share.