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TechStock Radar
March 2019
Monday, March 25, 2019, 12:12 PM — by Rob DeFrancesco, TechStock Radar
BTIG Ups Apple Target to $220

BTIG Research raises its Apple (AAPL, $190.33) price target to $220 from $189 based on the argument that the company will return to growth in 2020. 

The firm notes that recent data points have not been positive for Apple’s iPhone business. However, it expects lighter headwinds in 2020 from lengthening product sales cycles. 

BTIG expects stock buybacks and the company’s capital program to be the primary drivers of Apple’s earnings growth.

Monday, March 25, 2019, 12:10 PM — by Rob DeFrancesco, TechStock Radar
RBC Capital Boosts Microsoft Target

RBC Capital raises its Microsoft (MSFT, $117.54) price target to $130 from $124 based on the company’s strong competitive position in the cloud, sustained high growth rates and adoption of higher-tier services.

Monday, March 25, 2019, 12:05 PM — by Rob DeFrancesco, TechStock Radar
March Issue of TSP Available on Kindle

Download the new issue of Tech-Stock Prospector to your Kindle or Kindle reading app for iOS (iPad & iPhone) and Android. 

Order the latest issue of TSP here.

Here are some of the topics covered in the March 2019 issue:

*Top-performing cybersecurity stocks

*How automation helps fight hackers

*Securing the Internet of Things 

*A small-cap leader in security data analytics

*Protecting high-value corporate assets

*Best cloud security vendors

*Tech Focus: Identity management

*Using AI to improve security operations

*Splunk continues to expand its security unit

*Talend looks to the cloud for growth

*Alteryx customers benefit from real ROI

*Arista's biggest growth opportunity

*Margin expansion at HubSpot

*Elastic eyes multiple use cases

*Deal Report: RingCentral buys Connect First

Wednesday, March 20, 2019, 4:40 PM — by Rob DeFrancesco, TechStock Radar
Alteryx Hits New High

Alteryx (AYX, $81) shares today hit a new all-time high at $81.76. So far this year, the stock is up 36%.

Alteryx, provider of a cloud-based data prep and analytics platform, has been a holding in the Tech-Stock Prospector Small-Cap Portfolio since July 2018, added when the stock was trading at $38.79.

Monday, March 11, 2019, 2:07 PM — by Rob DeFrancesco, TechStock Radar
JP Morgan Upgrades FireEye

JP Morgan upgrades FireEye (FEYE, $17.06) to ‘Overweight’ with a price target of $20, calling out the stock’s low valuation.

The firm believes the risk/reward profile is now attractive, especially because the company’s billings are expected to accelerate throughout 2019.

FireEye shares are rallying nearly 6% on the upgrade.

Monday, March 11, 2019, 2:01 PM — by Rob DeFrancesco, TechStock Radar
UBS Raises ForeScout PT to $52

UBS raises its ForeScout Technologies (FSCT, $42.40) price target to $52 from $43, saying the security vendor’s opportunity tied to device growth is under-appreciated.

The firm thinks ForeScout has received little credit for its purpose-built platform for device visibility and control.

Thursday, March 7, 2019, 3:10 PM — by Rob DeFrancesco, TechStock Radar
Cowen Turns Cautious on TripAdvisor

Cowen is cautious on TripAdvisor (TRIP, $50.74), downgrading the stock to ‘Underperform’ based on a weak start to 2019, expectations for weaker overall usage and worries about younger age demos using Google instead.

The firm thinks the stock’s multiple should be more in line with peers, especially as profit growth begins to slow.

Cowen reduces its TRIP price target to $40 from $50.

Thursday, March 7, 2019, 3:07 PM — by Rob DeFrancesco, TechStock Radar
Piper Jaffray Bullish on SailPoint

Piper Jaffray raises its price target on SailPoint Technologies (SAIL, $27.02), a provider of identity governance solutions, to $35 from $31 after the company reported “impressive” Q4 results that easily exceeded expectations.

Revenue was up 19% to $80.6 million, vs. the consensus of $71.1 million. Subscription revenue (36% of total revenue) advanced 39%. EPS of 19 cents topped the consensus by 10 cents.

SailPoint continues to benefit from strong market demand in the ID security space, says the firm. With the company executing so well, Piper views the initial 2019 outlook (revenue of $293 million to $299 million, vs the consensus of $296.9 million) as conservative.

Wednesday, March 6, 2019, 12:47 PM — by Rob DeFrancesco, TechStock Radar
OpCo Sets Elastic Target at $110

OpCo starts Elastic (ESTC, $84.68) at ‘Outperform’ with a price target of $110, saying the company is positioned to benefit from favorable secular trends driving enterprise digitization and the growing influence of developers when it comes to IT spending decisions.

Elastic has a large and growing TAM, with expansion opportunities into AI/ML, analytics and other use cases, says the firm.

OpCo thinks Elastic will continue to successfully execute on its land-and-expand model, adding new customers and driving deeper penetration across the existing customer base.
Tuesday, March 5, 2019, 3:32 PM — by Rob DeFrancesco, TechStock Radar
Wedbush Lifts Salesforce PT to $192

Wedbush raises its Salesforce (CRM, $156.87) price target to $192 from $174 based on the company’s strong FQ4 (Jan.) results, which the firm says reflected good demand trends and solid field execution.

Salesforce revenue rose 26% to $3.6 billion, topping the consensus estimate of $3.56 billion. Per-share earnings of 70 cents came in 15 cents above the consensus. CFFO of $1.33 billion rose 27%.

Salesforce remains a Best Idea at Wedbush. The firm calls out the reasonable valuation, as well as MuleSoft momentum as a near-term catalyst.

Monday, March 4, 2019, 11:48 AM — by Rob DeFrancesco, TechStock Radar
SunTrust Downgrades Okta

SunTrust raises its Okta (OKTA, $76.28) price target to $90 from $74, but downgrades the stock to ‘Hold’ based on a less favorable risk/reward balance following the recent rally. 

The firm still thinks the company can maintain impressive momentum, with revenue and billings growth well above 40%. SunTrust calls out Okta’s “impressive execution” in the high-growth cloud identity management market.

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