The Invesco QQQ ETF (QQQ) fell 3.50% on Wednesday due to persistent concerns about valuations of artificial intelligence (AI) stocks.
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In Thursday’s pre-market trading, the QQQ ETF, which tracks the performance of the Nasdaq 100 Index (NDX), advanced 0.87% ahead of key inflation data. Also, Micron Technology (MU) stock rallied 13% in pre-market trading on solid fiscal first-quarter results and a strong revenue outlook.
Overall, the QQQ ETF has declined 3.50% over the past five days and is up about 20% 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 $750.29 for the QQQ ETF implies an upside potential of about 25%.
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)
- Marriott International (MAR)
- Lululemon Athletica (LULU)
Revealingly, QQQ ETF’s Smart Score is eight, implying that this ETF is expected to outperform the broader market.
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