While the overall stock market appears to be teetering as the fears of a rate rise become more pronounced, one area that has suffered as investors piled into oil stocks and gold over the past three months has been technology. The fact of the matter is that companies in the right segments of technology are doing outstanding, and with the growth of cloud computing and storage seemingly unstoppable, there could be more positive news to come.
In a host of new reports, the analysts at Merrill Lynch update tech stocks rated Buy and they raise their price targets on three of them. All are well suited for more aggressive, risk-tolerant investors.
Analog Devices
This stock is still trading way below levels printed last summer. Analog Devices Inc. (NASDAQ: ADI) is a leader in the design, manufacture and marketing of analog, mixed-signal and digital signal processing integrated circuits for use in industrial, automotive, consumer and communication markets worldwide. It offers signal processing products that convert, condition and process real-world phenomena, such as temperature, pressure, sound, light, speed and motion, into electrical signals.
The company has faced some selling pressure as its exposure to Apple remains intact, as it supplies the processors that enable 3D Touch in Apple products. Analog Devices is reported to be the sole supplier for the 3D touch processor to Apple. The Merrill Lynch analysts cite the company’s strong core business-to-business trends as a positive.
Analog Devices investors receive a solid 3.05% dividend. The Merrill Lynch price target was lifted to $61 from $57. The Thomson/First Call consensus price target is $59.44. The stock closed most recently at $55.70.
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