In this article, we will look at the 11 Best Mid Cap Tech Stocks to Buy According to Analysts.
On November 11, Seema Shah, Chief Global Strategist at Principal Asset Management, appeared on CNBC television to discuss the AI trade and related concerns about a growing tech bubble. Shah noted the volatility within the AI trade is inherent, considering the valuations and capital expenditure that are going into AI. However, she highlighted that in the broader picture, the valuations of the AI and tech companies are significantly lower compared to those during the dotcom bubble. Shah acknowledged concerns, including leverage finance and secular trends, which suggest that the bubble might be growing. However, the fundamentals of these companies are reassuring and suggest that the AI narrative can continue with some air pockets along the way.
While talking about the concerns regarding increased debt financing of the Mag 7 and the rest of the S&P 500 companies, Shah noted that the debt financing of the AI and tech companies remains significantly lower compared to the rest of the market. However, she highlighted that this factor needs to be kept in check as it can fuel the bubble and has the potential to impact the rest of the market.
In addition, Shah also talked about the potential beneficiaries of the government shutdown being lifted. She noted that one of the key factors regarding the shutdown is the missing economic data; lifting the shutdown will unveil this macro-level data, which is expected to put the Federal Reserve’s December cut back on the table. She believes that a rate cut would further benefit the technology sector in general, along with aiding the cyclical side of the market.
With that, let’s take a look at the 11 Best Mid Cap Tech Stocks to Buy According to Analysts.
A technical stock market chart. Photo by Energepic from Pexels
Our Methodology
To curate the list of 11 Best Mid Cap Tech Stocks to Buy According to Analysts, we used the Finviz Stock Screener, CNN, WSJ, and Insider Monkey’s Q2 2025 database. Using the screener, we aggregated a list of mid-cap technology stocks (Market Cap between $2 billion – $10 billion) with more than 30% analyst upside potential. Next, we cross-checked the market cap from WSJ and the analyst upside from CNN. Lastly, we ranked the stocks in ascending order of the analyst upside. We have also added the hedge fund sentiment around each stock, sourced from Insider Monkey’s database. Please note that the data was recorded on November 10, 2025.
Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 427.7% since May 2014, beating its benchmark by 264 percentage points (see more details here).
11 Best Mid Cap Tech Stocks to Buy According to Analysts
11. Applied Digital Corporation (NASDAQ:APLD)
Market Capitalization: $8.66 billion
Number of Hedge Fund Holders: 28
Analyst Upside Potential: 30.73%
Applied Digital Corporation (NASDAQ:APLD) is one of the Best Mid Cap Tech Stocks to Buy According to Analysts. On November 6, Michael Grondahl from Northland Securities reiterated a Buy rating on Applied Digital Corporation (NASDAQ:APLD) with a price target of $40.
The company has been on Wall Street’s radar since it announced its lease agreement on October 22 with a US-based investment-grade hyperscaler valued at $5 billion. Under the agreement, which spans approximately 15 years, Applied Digital Corporation (NASDAQ:APLD) will deliver 200 MW of critical IT capacity at Polaris Forge 2 Campus in North Dakota. This agreement, combined with the previous deal to deliver IT load to support the hyperscaler at Polaris Forge 1, has taken the company’s total lease capacity to 600 MW.
In addition, Applied Digital Corporation (NASDAQ:APLD) has already begun making progress on its Phase 1 at Polaris Forge 1, which is being built for CoreWeave. On October 27, the company announced that it had achieved a successful, on-time Ready for Service milestone for the first 50 MW at Polaris Forge 1 AI Factory in North Dakota. Wes Cummins, CEO of Applied Digital, noted the company is on track to deliver the next 50 MW before the end of the year.
Applied Digital Corporation (NASDAQ:APLD) is a technology company that designs and operates advanced digital infrastructure across North America. Its technologies focus on data centers for blockchain, high-performance computing, and AI applications.
10. ExlService Holdings, Inc. (NASDAQ:EXLS)
Market Capitalization: $6.28 billion
Number of Hedge Fund Holders: 41
Analyst Upside Potential: 31.51%
ExlService Holdings, Inc. (NASDAQ:EXLS) is one of the Best Mid Cap Tech Stocks to Buy According to Analysts. On October 30, Puneet Jain from J.P. Morgan reiterated a Buy rating on ExlService Holdings, Inc. (NASDAQ:EXLS) but lowered the price target from $52 to $49. Earlier, on October 29, Bryan Bergin from TD Cowen also reiterated his Buy rating with a $52 price target.
The reiteration comes after the company reported strong fiscal Q3 2025 results on October 28, beating revenue and EPS estimates by $7.13 million and $0.01, respectively. Revenue grew 12% year-over-year to $530 million, and EPS rose 11% to $0.48, during the same time. Management attributed the double-digit growth to a 9% increase in its Insurance segment revenue, which benefited from clients transitioning to AI-powered operations. Notably, approximately 56% of total revenue came from ExlService’s data and AI-powered solutions and services.
In addition, more than 75% of the company’s revenue is recurring. Management expects both the insurance and Healthcare and Life Sciences to continue growing, driven by increased adoption of AI workflows. Consequently, full-year revenue guidance was raised to a range of $2.07 billion to $2.08 billion, up from the previous range of $2.050 billion to $2.07 billion.
Analyst Bryan Bergin of TD Cowen commented that he expects the revenue growth trend to continue, driven by clients getting more comfortable with GenAI and agentic scaling.
ExlService Holdings, Inc. (NASDAQ:EXLS) is a global data and AI company that provides services and solutions to enhance client business models, drive better outcomes, and unlock growth with speed.
