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TechStock Radar
June 2019
Tuesday, June 18, 2019, 2:53 PM — by Rob DeFrancesco, TechStock Radar
Needham Bullish on RingCentral

Needham starts coverage of RingCentral (RNG, $118.40) at ‘Buy’ with a price target of $140, calling the company the clear leader in the UCaaS market. The company is benefiting from an ongoing shift to the cloud from premises-based communications, a strong product, early recognition of the effectiveness of the channel and superior execution, says Needham.

While competitors look to own the stack, Needham says its research suggests RingCentral’s best of breed strategy has been as asset as the company has moved up-market, selling to more demanding (but economically attractive) mid-market and enterprise accounts. 

Needham says it remains watchful of an evolving competitive landscape—most notably the emergence of Zoom Video (ZM, $100.07) as a new competitor—but believes RingCentral remains well positioned to continue to deliver strong growth and increasing profitability.

RingCentral’s Q1 total revenue rose 34%. For 2019, the company now expects revenue of $862 million to $866 million (representing growth of 28% to 29%), revised upward from the previous guide of $847 million to $859 million.

Tuesday, June 18, 2019, 2:45 PM — by Rob DeFrancesco, TechStock Radar
June 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 June 2019 issue:

*M&A activity heats up in data analytics
*Google buys Looker
*Salesforce snaps up Tableau Software
*Elastic expands in the security sector
*Zscaler reports strong growth metrics
*DocuSign shares take a tumble

*A balancing act at Lyft

*Upside guidance from HubSpot

*Workday gets a boost from its planning unit
*CyberArk secures software robots
*Updated valuation analysis on MongoDB

*Why some smart investors like Forescout
*Deal Report: CrowdStrike IPO
Thursday, June 13, 2019, 11:37 AM — by Rob DeFrancesco, TechStock Radar
OpCo Remains Bullish on NVIDIA

OpCo thinks NVIDIA (NVDA, $146.81) will be able to reaccelerate revenue growth to 20%+, driven in part by AI accelerator attach rates expected to “rise materially” in the years ahead given the continued proliferation of neural networks. 

The firm sees few challenges to NVIDIA’s dominance in the training market. 

OpCo maintains its NVDA price target of $190.

Thursday, June 13, 2019, 11:31 AM — by Rob DeFrancesco, TechStock Radar
KeyBanc Ups Atlassian Target to $142

KeyBanc lifts its Atlassian (TEAM, $130.92) price target to $142 from $121, saying the company is a best-in-class collaboration software provider with multiple paths to sustain 30%+ growth in subscription revenue over the next few years.

Tuesday, June 11, 2019, 12:25 PM — by Rob DeFrancesco, TechStock Radar
SunTrust Ups Salesforce Price Target

SunTrust raises its Salesforce (CRM, $149.32) price target to $189 from $183 following yesterday’s big news of the acquisition of Tableau Software (DATA, $163.72) in an all-stock deal valued at more than $15 billion.

While SunTrust says the deal introduces some execution risk, the firm also thinks it “brings together integration, customer and data technologies into a Customer 360 platform story.”

Tableau Software is a core holding in the Tech-Stock Prospector Small-Cap Portfolio. The stock was added in April 2014, when it was trading at $63.38.

Tuesday, June 4, 2019, 4:10 PM — by Rob DeFrancesco, TechStock Radar
SunTrust Sets Lyft PT at $68

SunTrust starts Lyft (LYFT, $59.17) at ‘Buy’ with a price target of $68, calling the company a “compelling pure play” in the North America Transportation-as-a-Service (TaaS) segment. 

The firm sees Lyft benefiting from secular and demographic trends. SunTrust believes the company has a sustainable growth path for years to come.

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