Technology

Microsoft and 7 Other Top Tech Stocks Analysts Want You to Buy Now

24/7 Wall St. reviews dozens of analyst research reports each day of the week with a goal of finding new ideas for investors and traders alike. The calls seen in the past week show that analysts still favor tech stocks, even though the sector has soared in the past year but struggled lately.

These analysts favored the following eight top tech stocks last week.

Microsoft

Citigroup resumed coverage of Microsoft Corp. (NASDAQ: MSFT) on Wednesday, and the firm has a $292 target price, which would imply upside potential near  26%. This call came just after the tech giant claimed to be the target of Chinese hackers. Wedbush boosted its price target to $300 a share last month, but the consensus target was last seen at $273.43. All but seven of the 34 analysts surveyed recommend buying shares.

The stock has pulled back around 6% from last month’s all-time high of $246.13 per share but is still well up from the 52-week low of $132.52 from last March. The share price is only about 4% higher year to date, while the Nasdaq more than 1% lower in that time.

Cisco

Cisco Systems Inc. (NASDAQ: CSCO) was upgraded to Overweight from Neutral at JPMorgan, which cited an expected recovery in IT spending. The firm also raised its price target to $55 from $50 on Friday. DZ Bank upgraded it to Buy with a $52 target last month, and the street-high target price is $59, which represents around 28% upside potential. Nineteen of the 27 analysts surveyed recommend buying shares, and the mean price target is $51.10.

The share price increased almost 4% this past week and is up about the same amount for the year to date. Shares hit a 52-week high of $49.34 almost a month ago, and they have traded as low as $32.40 during the panic selling of March 2020.

On Semiconductor

BofA Securities announced a double upgrade for On Semiconductor Corp. (NASDAQ: ON), to Buy from Underperform, on Monday. The firm also has set a $48 price objective. The $41.28 consensus price target is well above the most recent close. The street-high target is up at $50 and represents about 29% upside potential. Analysts on average recommend buying shares, and they have for at least three months.

This week, the shares saw a new 52-week high of $42.38, but the ended the week more than 9% lower to $ at $38.81. They have changed hands as low as just $8.17 apiece in the past year. Note that the stock is up over 18% year to date, much better than the broader market in that time.