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Morgan Stanley shares 3 hardware stocks to buy as the economy recovers - and explains why the industry is historically the best performer in tech after recessions

Morgan Stanley shares 3 hardware stocks to buy as the economy recovers - and explains why the industry is historically the best performer in tech after recessions


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Pricey tech shares have left investors questioning the attractiveness of the sector.




However, the sector still offers some under-the-surface investment opportunities.




Morgan Stanley shared 3 hardware names that could provide more than 30% upside.






Visit the Business section of Insider for more stories.


Following last year's rally, tech-stock investors are now taking a second look at the sector as higher prices and the appeal of cheaper names challenge the attractiveness of their bets. However, in a March 1 note, Morgan Stanley highlighted investment opportunities within what many view as an overly crowded technology sector, as it houses the tech hardware industry which tends to benefit from improving macroeconomic conditions. A team including Michael Wilson, Morgan Stanley's chief US equity strategist and chief investment officer, provided a few reasons why IT hardware stocks have historically been the best-performing technology group in periods of economic recovery. Spending on hardware is cyclical in nature, so it slows and grows with economic conditions because companies tend to ramp up their capital expenditures based on increasing confidence in the economy's stability.
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