Investing

4 Tech Stocks Analysts Think Could Roar Higher

This year has not been great for stocks so far, especially technology stocks. Tech stocks have faced a tough path in light of international geopolitical tensions and the prospect of multiple interest rate hikes in the coming year. Not to mention the S&P 500 has now firmly entered correction territory. The other major averages are down on the year as well, but one thing is for sure: an environment like this is a stock pickers’ market.

As it stands now, most tech companies are waiting out what could be a year of rising interest rates, at the behest of the Federal Reserve, and downside risk is a tough call at this point in the cycle. Analysts are making their pitches for the bulls and bears, but it is yet to be seen how this will play out. The question is if these stocks are in a deep value position or they could stand to sink lower, or even worse.

24/7 Wall St. is taking a closer look at a few recent bullish analyst reports across the tech sector. Although these particular companies do not make up a significant portion of the sector (like the big names of Alphabet, Apple or Microsoft), investors still could still see significant gains in playing these stocks.

Akamai Technologies

RBC Capital reiterated an Overweight rating Akamai Technologies Inc. (NASDAQ: AKAM), and its $140 price target implies upside of 39% from the most recent closing price of $100.44. The main reason for this upgrade was the acquisition of Linode, announced a week ago. RBC notes that the upside implied in the call reflects the value proposition of Linode as an end-to-end platform and a question of the scaling and vision.

The stock was trading at $100.70 in Wednesday’s premarket, and it has a 52-week range of $92.64 to $120.68. The stock is down around 14% year to date.

AMD

Advanced Micro Devices Inc. (NASDAQ: AMD) was upgraded to Outperform from Market Perform at Bernstein, which has a $150 price target. That signals upside of 30% from the most recent closing price of $115.65.

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