Investors have been stunned to see that the massive selling in late-2018 became a V-bottom with a snapback rally that was just as violent on the upside in the first quarter of 2019 as the downside felt in the fourth quarter. With the Dow Jones industrials, S&P 500 and Nasdaq all up double-digits in the first two months of trading in 2019 alone, investors need to consider how they want to position their assets for the rest of 2019 and beyond.
One strategy that many investors have followed over time is to not fight the tape. That means looking at companies with solid news and with which the shares are generally not getting hurt. 24/7 Wall St. reviews dozens of analyst research reports each day, and this turns into hundreds of analyst calls reviewed each week. Our goal is to find new ideas for investors and traders alike.
After looking through the various earnings reports and pairing them off with analyst calls, there are seven standout stocks in the technology sector wherein analysts have raised their ratings or price targets handily over the past 10 days. These companies generally offer solid guidance ahead based on the current business climate, so it’s easy to imagine even more upside if the China trade issues get worked out and if the global economic growth story will just cooperate a little better than it was looking just a few weeks ago.
Additional color has been added on each, and the references to consensus data come from Thomson Reuters (Refinitiv).
Here are seven technology stocks that have gotten multiple target price or rating hikes from analysts on Wall Street.
Etsy Inc. (NASDAQ: ETSY) may be considered a retail platform for the public, but if you are into crafts, jewelry and your own apparel and accessories, it is the marketplace to go to. Etsy was up as much as almost 10% at $64.00 in the after-hours reaction from its earnings last Monday, and the rally continued with Etsy closing out the week at $72.77, after an all-time high of $73.33 seen on Friday. Several analyst calls were seen here:
- Deutsche Bank reiterated its Buy rating and raised its target to $72 from $64.
- KeyBanc Capital Markets reiterated it as Overweight and raised its target to $75 from $59.
- Wedbush Securities kept a Neutral rating but raised its target price to $60 from $50.
- And Roth Capital reiterated its Buy rating and raised its target from $64 to $72.
It is no stranger to analyst calls, but many investors still consider Intel Corp. (NASDAQ: INTC) an old-tech giant that is being passed by smaller and more nimble semiconductor players as the world has migrated away from PCs. Intel closed at $53.30 on March 1, in a 52-week trading range of $42.36 to $57.60. While its shares are right at the consensus target price, two big calls were seen late in February:
- On Feb. 22, Morgan Stanley raised the shares to Overweight from Equal Weight and its target price to $64 from $55.
- On Feb. 26, Deutsche Bank reiterated its Buy rating and raised its target to $65 from $55.
Palo Alto Networks
Palo Alto Networks Inc. (NYSE: PANW) was definitely one of the big technology earnings season winners, with its focus on data security and network security. While the earnings report was stellar, and with acquisitions outlining even more growth ahead, more than 10 analysts following the stock have raised their price targets. We have covered this in greater detail elsewhere, but serious target hikes were made by Merrill Lynch, Piper Jaffray, Deutsche Bank, Maxim, Wells Fargo and more.
Palo Alto Networks shares closed out the week at $245.47, in a 52-week range of $160.08 to $260.63. It was roughly at $235 before the earnings pop.