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Goldman Cites Tesla, Facebook as Digital Revolution Favorites

Goldman Sachs has put together a list of favored companies that it sees benefiting from 'the broadening of the digital revolution.'

Goldman Sachs has put together a list of favored companies that it sees benefiting from “the broadening of the digital revolution” and “increased focus and spending on decarbonization.”

Among the stocks Goldman touts are Tesla  (TSLA) - Get Tesla Inc Report, Facebook  (FB) - Get Facebook, Inc. Class A Report, Tencent Music Entertainment  (TME) - Get Tencent Music Entertainment Group Sponsored ADR Class A Report, Alibaba  (BABA) - Get Alibaba Group Holding Ltd. Sponsored ADR Report, PayPal  (PYPL) - Get PayPal Holdings Inc Report, Salesforce.Com  (CRM) - Get, inc. Report, Moderna  (MRNA) - Get Moderna, Inc. Report, ServiceNow  (NOW) - Get ServiceNow, Inc. Report, Square  (SQ) - Get Square, Inc. Class A Report, BioNTech  (BNTX) - Get BioNTech SE Sponsored ADR Report, FedEx  (FDX) - Get FedEx Corporation Report, Coinbase Global  (COIN) and 10X Genomics  (TXG) - Get 10x Genomics Inc Class A Report.

Goldman strategists led by Peter Oppenheimer wrote in a report that opportunities “should improve across … industries driven by a combination of:

1) New areas of technological innovation.

2) Companies disrupting non-tech industries.

3) Companies enjoying new demand growth from green capital expenditure.

4) Companies in disrupted industries that adapt to change, opening up new growth

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Goldman analysts cite areas of the technology industry that already have flourished and will continue to do so, such as software, social media, cloud services and unified marketplaces.

The analysts also point to tech sectors that are just beginning to bloom, including artificial intelligence, financial technology, cybersecurity, 5G, blockchain and sustainability.

Meanwhile, several media outlets reported that Cathie Wood’s Ark Investment Management unloaded 46,414 shares of Tesla Thursday, worth $41.5 million at Thursday’s close.

Wood has sold Tesla from time to time to control the size of Ark’s position, as the stock ascends, but has said she remains bullish long-term.

Tesla has doubled to $907.33 over the past year. The shares were up 1% Friday. Ark has sold about $811 million of Tesla stock since the beginning of September, Benzinga information service estimates.