Tech stocks have quietly slipped back into bargain territory - and if Wedbush's Dan Ives is right about a potential 25% upside for the sector this year, some familiar names may be setting up for a rerating rather than a relief rally.

Looking at low forward P/E technology names inside the NASDAQ-100 surfaces a small but telling group of stocks where valuation, earnings visibility, and positioning appear misaligned. Micron Technology Inc's (MU  ) latest surge is drawing the spotlight, but it's not alone.

1. Micron Technology - Momentum Meets A Single-Digit Forward Multiple

Micron is doing what "undervalued" stocks are supposed to do - move first. Shares are already on a tear, jumping sharply into year-end and extending gains in premarket trade, yet the stock still trades at a forward P/E of just 9.8x, per Benzinga Pro data. For a memory giant sitting at the center of AI-driven demand and pricing recovery, that valuation gap stands out.

This is less about chasing momentum and more about the market catching up to an earnings reset that's already underway.

2. Qualcomm - Cheap For A Franchise Name

Qualcomm Inc (QCOM  ) doesn't scream excitement, which is exactly why it screens as interesting. With a forward P/E in the mid-teens (14.5x), modest PEG (0.59), and steady earnings growth expectations, the stock looks priced for stagnation rather than optionality.

If AI-on-device, auto, or licensing stability surprise even slightly to the upside, Qualcomm's valuation leaves room for multiple expansion - something the market has largely written off.

3. Cognizant - A Defensive Tech Lagging The Tape

Cognizant Technology Solutions Corp (CTSH  ) sits at the opposite end of the hype spectrum. It's slower, services-driven, and rarely front-page tech news - but it trades at a 14.5x forward P/E with steady earnings growth baked in.

In a year when enterprise tech spending stabilizes rather than collapses, this kind of valuation quietly works, especially if investors rotate toward cash-generative tech rather than moonshots.

4. Adobe - Premium Brand, Discount Multiple

Adobe Inc's (ADBE  ) recent underperformance has dragged its valuation to levels rarely associated with a software franchise of its scale. Trading near a low-teens forward multiple (14x), the stock reflects skepticism about the durability of growth - even as earnings and sales growth remain intact.

If AI monetization proves incremental rather than disruptive, Adobe's multiple could normalize quickly.

The Setup

Wedbush's bullish tech outlook doesn't require new narratives - it requires earnings durability and valuation catch-up. Evidently, parts of big tech are already priced for disappointment, setting the stage for upside if the sector does what it's done best before: surprise higher.