Buy this Big Tech stock which is at an ‘attractive’ entry point now, says portfolio manager

One Big Tech stock is at an “attractive” price point to buy right now, according to Foord Asset Management’s Brian Arcese. That’s Alphabet , which Arcese, a portfolio manager at the firm, expects to post growth in the “mid-teens” despite cyclical headwinds in the ad business. “Though a further slowdown in advertising could weigh on the shares to the tune of +/-15%, for long-term investors this is an attractive entry point to begin taking positions,” he told CNBC’s “Street Signs Asia” last week. “It’s a fantastic company trading at less than a market multiple in the U.S., and so for us a reasonable period to start establishing or increasing positions that you already have in the name,” said Arcese, who revealed his firm has recently added to its position in Alphabet. Google parent Alphabet is down around 32% this year. The vast majority of analysts covering the stock — 92% — give it a buy rating, and it has an average upside of nearly 28%, according to FactSet. That’s after a brutal year for tech, as investors flee growth stocks in the face of rising interest rates and other headwinds. Tech stocks have been underperforming all year, with the Nasdaq down nearly 29% year-to-date. They have bounced back slightly since mid-October, however, and analysts have been divided over whether it’s time for investors to return to the sector. “At this point we’re focused on companies with pricing power, sound management teams … and long-term structural competitive advantages,” Arcese added. Arcese explained that Alphabet is in a “competitive position” given the continued shift from offline to online advertising. “So Google was able to grow through the Global Financial Crisis for example … and it’s not in our expectation that Google ad revenue wouldn’t decline — it likely would. But you’re still in a much better position than both the competitive set in online and also the offline competitive set,” he said. Arcese isn’t the only one who’s been bullish on Alphabet recently. Josh Brown , co-founder and CEO of Ritholtz Wealth Management, told CNBC in early November that Alphabet is a “screaming buy.”