Goldman Sachs managing director Greg Tuorto is saying that an under-the-radar equity group is now flashing signs of bullish momentum.
In a new CNBC interview, Tuorto says the small-cap stocks possess more upside potential amid attractive valuations and the possibility of various catalysts spurring more appreciation.
“We’re starting to see some signs of life in the small cap market. As you mentioned, it’s been a good month to date for small versus large. We think that’s a reflection of a number of things. There are some catalysts in the stocks, but they’re extraordinarily cheap, and the underlying economic environment is quite good. And I think, as we set our sights on the Fed cutting rates in the back half of the year, you have a couple of tailwinds.”
With consumer activity serving as the leading driver for the uptrend in the stock market, the Goldman Sachs executive names a few sectors that are also likely to get a boost.
“I think you have to start to see a hand-off to some other sectors. We’re pretty encouraged about tech, software, semiconductors would be an area that, I think, could take a nice hand-off. But also aerospace and defense have done quite well. And we expect to see some more [Initial Public Offering] IPO activity in that space, because space is quite active. The private side of the space sector is quite active right now.”
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