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TechStock Radar
January 2019
Wednesday, January 16, 2019, 11:54 AM — by Rob DeFrancesco, TechStock Radar
Morgan Stanley Upgrades Nutanix

Morgan Stanley says its latest surveys show IT hardware spending plans downticking more than any other technology category across U.S. and European CIOs. 

The firm has a preference for hardware stocks with a higher software mix. Thus, Morgan Stanley upgrades Nutanix (NTNX, $49.21) to ‘Overweight’ with a price target of $58, saying the company is gaining momentum as a hybrid cloud operating system provider as it adds cloud services.

Wednesday, January 16, 2019, 11:52 AM — by Rob DeFrancesco, TechStock Radar
Chart Watch: Amazon

Shares of Amazon (AMZN, $1,691) have rebounded 29% from the December 24 low of $1,307, pushing above the 50-day moving average at $1,598. The RSI is up to 60.3.

The stock is now testing the 200-day moving average at $1,706. There’s short-term resistance at $1,705 and $1,719.

Wednesday, January 16, 2019, 11:35 AM — by Rob DeFrancesco, TechStock Radar
January 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 January 2019 issue:

*Enterprise software spending trends

*3 top cloud-software companies

*Emerging software vendors to watch

*Best rebound plays for 2019
*A new cybersecurity pick

*An emerging name in cloud security

*Tech Focus: Identity governance

*Reorganization progress at Cornerstone 

*Why some smart investors like Tenable
*Earnings upside potential at Alphabet
*How Shopify empowers smaller merchants  

*New growth drivers at DocuSign
*Amazon AWS continues to shine

*Deal Report: Autodesk goes shopping

Tuesday, January 15, 2019, 10:58 AM — by Rob DeFrancesco, TechStock Radar
Morgan Stanley Upgrades DocuSign

Morgan Stanley upgrades DocuSign (DOCU, $44.30) to ‘Overweight’ with a price target of $53, saying it views the roughly 35% decline in the share price from the August high as presenting an attractive entry point.

The firm believes DocuSign has a long-term sustainable runway of profitable growth.

DocuSign shares have been rebounding off of the December 24 low of $36.25.

Tuesday, January 15, 2019, 10:54 AM — by Rob DeFrancesco, TechStock Radar
BTIG Upgrades Rapid7

BTIG Research upgrades Rapid7 (RPD, $36.67) to ‘Buy’ with a price target of $42 based on steady expansion in the vulnerability management market, healthy dollar-based renewal rates and margin improvement. 

The firm says it has perceived an inflection point in multi-product adoption, which has made the company’s target of 30%+ annualized revenue growth through 2020 achievable. In Q3, Rapid7 saw cross-selling growth of more than 70%.

Monday, January 14, 2019, 11:48 AM — by Rob DeFrancesco, TechStock Radar
Evercore ISI Ups Xilinx PT to $100

Evercore ISI raises its Xilinx (XLNX, $90.55) price target to $100 from $90. 

The firm is optimistic about Xilinx’s transformation into a platform company and the ability of management to execute consistently across the different business segments. 

For 2019, Xilinx is expected to do well in wireless, and outperform its broader industrial/auto semiconductor peers, according to Evercore ISI.

Monday, January 14, 2019, 11:45 AM — by Rob DeFrancesco, TechStock Radar
Chart Watch: Nutanix

Shares of Nutanix (NTNX, $45.85) are running into short-term congestion in the $46.50 to $47 range after rebounding off of the December 24 low of $35.24.

The stock has held above the $35 level on three pullbacks since late October.

The 50-day moving average, now at $42.28, recently turned upward. Nutanix remains below its 200-day moving average of $49.46.

Friday, January 11, 2019, 2:10 PM — by Rob DeFrancesco, TechStock Radar
Cowen Remains Positive on Amazon

Cowen reiterates its Amazon (AMZN, $1,642) price target of $2,250 after its latest 2019 survey of ad buyers came back more bullish than expected. 

The firm believes digital ads will continue to gain share at the expense of traditional mediums, and says Amazon’s ROI is perceived as strong by advertisers.

Friday, January 11, 2019, 2:05 PM — by Rob DeFrancesco, TechStock Radar
Stephens Turns Bullish on EA

Stephens starts coverage of Electronic Arts (EA, $90.65) at ‘Overweight’ with a price target of $125. 

The firm believes EA’s sports IP makes the company the best-positioned videogame publisher for a subscription + streaming future.

EA shares have bounced back from the new 52-week low of $73.91 reached on December 26.

Thursday, January 10, 2019, 2:39 PM — by Rob DeFrancesco, TechStock Radar
MongoDB Hit By Competitive Concerns

Shares of MongoDB (MDB, $75.67), provider of a next-generation database platform, today are down more than 12% on ramped-up competitive concerns. 

The AWS unit of Amazon (AMZN, $1,652) announced DocumentDB, a new managed cloud database that has similar API functionality to that of MongoDB.

Stifel does not expect the AWS offering to have a meaningful impact on MongoDB’s near-term business, citing the following reasons:

1-A lack of being able to access core MongoDB functionality within the database

2-Customers value MongoDB’s deployment optionality and lack of lock-in

3-MongoDB’s Atlas already offers many of the same features AWS is touting

Stifel maintains its MDB price target of $95. The stock hit an all-time high of $93.23 on December 7, before pulling back to a low of $70.10 later in the month.

Wednesday, January 9, 2019, 10:26 AM — by Rob DeFrancesco, TechStock Radar
JP Morgan Names Amazon a Best Idea

JP Morgan names Amazon (AMZN, $1,657) a Best Idea for 2019, maintaining its price target of $2,100. 

The firm says the stock has a “more compelling” valuation following the recent sell-off. 

JP Morgan believes Amazon is well-positioned for 2019, with Q1 revenue growth re-acceleration likely.

In 2019, AWS and advertising will drive 80 basis points of operating margin expansion, to 6.0%, predicts the firm.

Wednesday, January 9, 2019, 10:19 AM — by Rob DeFrancesco, TechStock Radar
KeyBanc Upgrades Akamai

KeyBanc upgrades Akamai Technologies (AKAM, $63.12) to ‘Overweight’ with a price target of $73, saying its research suggests upside to Q4 revenue, decreasing the risk of a Q1 and 2019 guide-down.

The firm also believes consensus 2019 margin expectations are too low given potential cost-savings initiatives. 

Tuesday, January 8, 2019, 12:52 PM — by Rob DeFrancesco, TechStock Radar
Chart Watch: Okta

Shares of Okta (OKTA, $67.77) continue to rebound off of the December 24 low of $52.05. 

The stock is back above the 50-day moving average, which is trending upward again from $59.23. There is short-term resistance at $69.85.

Monday, January 7, 2019, 3:12 PM — by Rob DeFrancesco, TechStock Radar
Baird Remains Positive on Facebook

Baird says a recent quarterly survey of Internet users showed stable engagement trends for Facebook (FB, $138.36). 

Response rates indicate engagement has stabilized for the third consecutive quarter following declines last summer.

The firm also says Instagram engagement growth is now on par with Facebook among the younger cohort, which is a positive trend. 

Baird reiterates its Facebook price target of $195.

Monday, January 7, 2019, 3:09 PM — by Rob DeFrancesco, TechStock Radar
Morgan Stanley Upgrades Arista

Morgan Stanley upgrades Arista Networks (ANET, $210.38 to ‘Overweight’ with a price target of $250, saying the recent pullback in the shares presents an attractive opportunity. Arista traded to a low of $187.08 on December 24.

Arista’s Cloud Titans hyperscale customers are growing their cloud businesses at greater than 25% annually. The firm expects them to drive demand for Arista equipment at a similar rate.

Morgan Stanley sees a path over time to $12 in annual EPS and potential revenue growth re-acceleration. 

The latest 2019 consensus EPS estimate is $8.90, with a Street-high estimate of $9.68.

Friday, January 4, 2019, 10:26 AM — by Rob DeFrancesco, TechStock Radar
BofA/Merrill Upgrades Intel to 'Buy'

BofA/Merrill upgrades Intel (INTC, $46.80) to ‘Buy’ and raises its price target to $60 from $52, saying the chipmaker provides exposure to growth trends in cloud computing, AI, advanced autos and 5G.

For 2019, the firm looks for semiconductor industry sales to decelerate, but still expects enterprise, datacenter and parts of networking infrastructure to perform better than cyclical sectors such as industrial, automotive and smartphones.

Thursday, January 3, 2019, 11:02 AM — by Rob DeFrancesco, TechStock Radar
Goldman Lowers Apple Target to $140

Goldman Sachs lowers its Apple (AAPL, $143.40) price target to $140 from $182, citing the company’s negative FQ1 (Dec.) pre-announcement, which reduced the midpoint of revenue guidance by 8%.

The firm says the guidance cut confirms its negative view of demand in China. Goldman sees the potential for further downside to FY’19 numbers depending on the trajectory of Chinese demand early this calendar year.

Apple shares this morning are down more than 9%.

Wednesday, January 2, 2019, 4:33 PM — by Rob DeFrancesco, TechStock Radar
Chart Watch: NVIDIA

NVIDIA (NVDA, $136.22) shares are trying to recover from oversold levels. The stock has been able to rebound a bit from the December 26 low of $124.46, but faces short-term resistance at $138.50.

NVIDIA remains below the 20-day moving average of $143.29. The 50-day moving average continues to decline from $171.04.

Wednesday, January 2, 2019, 4:22 PM — by Rob DeFrancesco, TechStock Radar
Monness Crespi Bullish on SailPoint

Monness Crespi & Hardt starts SailPoint Technologies (SAIL, $23.87) at ‘Buy’ with a price target of $30, saying it expects the company to emerge as a key beneficiary of the rising priority placed on identity governance in the cybersecurity stack.

The firm points out that hacking activity and breaches are increasingly related to credentials misuse.

SailPoint is an emerging player in the field of identity governance, providing a system of record for digital IDs. The company’s platform offers details on who and what has access to various applications and unstructured data stores.

SailPoint went public in November 2017 at $12 a share. From the post-IPO high of $34.60 reached in late September, the stock was down as much as 40% at the December 24 low of $20.55.

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