The Invesco QQQ ETF (QQQ) declined 1.91% on Friday as investors moved away from technology stocks toward other sectors in the broader market, following Oracle (ORCL) and Broadcom’s (AVGO) quarterly results. Concerns about the elevated valuations of artificial intelligence (AI) stocks continue to weigh on investor sentiment.
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In Monday’s pre-market trading, the QQQ ETF, which tracks the performance of the Nasdaq 100 Index (NDX), was up 0.54% ahead of some key economic releases.
Overall, the QQQ ETF has declined 2.31% over the past five days and is up about 20.5% year-to-date.
QQQ’s Key Holdings with Highest Upside/Downside Potential
According to TipRanks’ unique ETF analyst consensus, which is based on a weighted average of analyst ratings on its holdings, QQQ is a Moderate Buy. The Street’s average price target of $734.84 for the QQQ ETF implies an upside potential of about 20%.
Currently, QQQ’s five holdings with the highest upside potential are:
Meanwhile, its five holdings with the greatest downside potential are:
- Warner Bros. Discovery (WBD)
- Tesla (TSLA)
- Paccar (PCAR)
- Lululemon Athletica (LULU)
- Old Dominion Freight Line (ODFL)
Revealingly, QQQ ETF’s Smart Score is eight, implying that this ETF is expected to outperform the broader market over the long term.
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