Saturday , 4 February 2023
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Top trader buys ‘Internet of Things’ play

Sarat Sethi, Managing Director and Principal at Douglas C. Lane and Assoc.

CNBC “Halftime Report” trader Sarat Sethi bought shares of an electronics audio equipment maker on the belief it can leverage the booming “Internet of Things” trend.

On Tuesday, Sethi, who’s a managing partner at Douglas C. Lane & Associates, decided to restructure his model portfolio by selling out ofBorgWarner in favor of Harman International Industries.

In the past 12 months, shares of Harman plummeted more than 40 percent on global economic concerns, but Sethi believes the stock is trading at a discount and is poised to move higher.

“The recent acquisitions of Symphony Teleca and Red Bend strengthen Harman’s presence in software development for cloud-based and wireless businesses, including Internet-of-Things applications, which will be critical enablers of the connected car of the future,” Sethi said.

Watch the video below to find out other reasons why the investor believes this stock presents a buying opportunity.