Attention tech investors: there is life outside of buying stock in new school tech names such as Twitter (TWTR) and Snapchat (SNAP) . 

Remember the old names in tech such as IBM (IBM) and Oracle (ORCL) ? One may want to give them some love given their attractive cash levels that could be spun into fatter dividend checks and beefy buyback announcements. "While P/E ratios for the [tech] sector look expensive, tech remains attractive on a free cash flow basis," says Credit Suisse analyst Jonathan Golub. 

"Old Tech (Hardware and Semis) are currently trading at a discount to the S&P 500 - return of capital to shareholders is likely to rise given elevated cash balances and strong fundamentals," Golub adds. 

The free cash flow yield, a metric used by Wall Street to assess the prospect for shareholder returns by companies, for the tech sector is 4.4% vs. 4.2% for the S&P 500, according to Credit Suisse's research. But the hardware space, which is dominated by old tech names, sports an attractive free cash flow yield of 5.8%.

Source: Credit Suisse
Source: Credit Suisse

On the Latest 'Technically Speaking' Podcast

Speaking of old tech names, TheStreet's tech editor Nelson Wang hosts a podcast discussion on the Qualcomm (QCOM) and Broadcom (AVGO) battle. Listen in below. Broadcom is a holding in Jim Cramer's Action Alerts Plus

More from Opinion

Wednesday Wrap-Up: The Talk of the Town Is Cannabis

Wednesday Wrap-Up: The Talk of the Town Is Cannabis

IBM's Stock Looks Like a Value Trap Unless Revenue Growth Improves

IBM's Stock Looks Like a Value Trap Unless Revenue Growth Improves

Why Getting Google Search Back Into China Is So Important to Alphabet

Why Getting Google Search Back Into China Is So Important to Alphabet

Tuesday Turnaround: Don't Netflix and Chill Just Yet

Tuesday Turnaround: Don't Netflix and Chill Just Yet

Netflix Reports Earnings on Tuesday: 7 Key Things to Watch For

Netflix Reports Earnings on Tuesday: 7 Key Things to Watch For