7 Goldman Sachs Tech Stocks Still Standing

BOSTON ( TheStreet) -- Goldman Sachs' ( GS) latest list of "buy"-rated technology stocks include old reliables, such as iPad and iPhone maker Apple ( AAPL) and data-storage company EMC ( EMC). But it also includes transaction-management-services provider Synchronoss Technologies ( SNCR).

Goldman analysts have been shaken up by the shift in investor sentiment, owing to slower-than-expected U.S. economic growth and a deep hole in European debt that's had some talking about a breakup of the European Union. The global investment bank said in an Aug. 15 research note that expectations for slower global growth and the possibility of a U.S. recession are "clouding our visibility on IT-services stocks as we shift into 2012." As a result, the bank trimmed earnings estimates on the companies in the sector by an average of 3% and cut price targets by an average of 10% to "reflect a more conservative view on 2012 growth."

That's primarily due to the weaknesses in the U.S. financial-services industry and the increasingly shaky outlook for European business demand.

"Specifically, we now believe that a more defensive stance into 2012 is warranted," Goldman analysts said. "But we do not want to lose sight of attractive secular growth investment vehicles and proven earnings per share defensive models that we believe can weather current macro headwinds."

The S&P 500 Index is down 4% this year after two years of gains.

Here is a summary of Goldman Sachs' highest-rated conviction "buy" list technology stocks in order of expected stock appreciation. The report was issued Sept. 12:

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