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TechStock Radar
E-mail: Rob@techstockprospector.com
Technorati
October 2017
Archives
 
Friday, October 20, 2017, 10:35 AM — by Rob DeFrancesco, TechStock Radar
Imperva Lifts Q3 Outlook

Shares of Imperva (IMPV, $44.60) this morning are up 6.5% following the company’s positive Q3 pre-announcement.


Revenue is now expected to come in at $83.5 million to $84 million (above the previous guidance range of $81 million to $83 million), with EPS of 29 cents to 32 cents (above the previous range of 22 cents to 26 cents).


Imperva, a provider of database and application security solutions, will release full Q3 results on November 8.

 
Friday, October 20, 2017, 9:47 AM — by Rob DeFrancesco, TechStock Radar
Stifel Boosts Intel Target to $46

Stifel lifts its Intel (INTC, $40.33) price target to $46 from $41 ahead of the release of Q3 results next week. 


The firm is expecting a strong server upgrade cycle (representing the steepest ramp in 10 years) based on Intel’s new server CPU starting in Q3. Stifel thinks datacenter growth above 10% would be a positive catalyst for the stock.


Looking ahead, Stifel says Intel’s AI-related acquisitions (Mobileye, Nervana and Movidius) can start adding new growth markets. 


For more on Intel, see the October 2017 issue of Tech-Stock Prospector (TSP #188).

 
Friday, October 20, 2017, 9:45 AM — by Rob DeFrancesco, TechStock Radar
October 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 October 2017 issue:


*Big advancements in computer vision

*Training robots with NVIDIA

*Intel helps power vision processing

*An upside catalyst for Ambarella

*The latest ad trends at Facebook

*Assessing the new Apple iPhone cycle 

*Varonis keeps sensitive files safe

*Tableau continues its subscription push

*Coupa moves spend management to the cloud

*Some smart investors like Palo Alto Networks


*Alphabet drives YouTube expansion

*How Alteryx speeds up analytics

*MuleSoft shakes up application integration

*Why Cornerstone shares remain volatile

*HubSpot sees potential in a new segment

*A management shake-up at Imperva

*The focus shifts to software at Nutanix

*Symantec may still be in acquisition mode

*Netgear has a promising new growth driver

*Updated valuation analysis on Gigamon 

 
Thursday, October 19, 2017, 10:48 AM — by Rob DeFrancesco, TechStock Radar
Chart Watch: Amazon

After rallying nearly 10% from the late September low of $931.75 to yesterday’s high of $1,022.31, Amazon (AMZN, $985.59) shares are taking a break. 


The 50-day moving average is trading sideways from $972.36. There’s short-term support at $980.10.


The 200-day moving average is trending upward from $929.99.

 
Thursday, October 19, 2017, 10:07 AM — by Rob DeFrancesco, TechStock Radar
Drexel Hamilton Bullish on Apple

Drexel Hamilton reiterates its Apple (AAPL, $155.56) price target of $208 even after reports of supply chain order cuts for the iPhone 8/8+. 


The firm remains bullish on Apple ahead of the iPhone X product cycle, which kicks off next Friday with pre-orders. Drexel says many consumers in the U.S. are waiting for the iPhone X. 


The firm also points out that the iPhone 7/7+ is benefiting from incremental demand as consumers take advantage of the recent price cuts following the 8/8+ introduction.

 
Wednesday, October 18, 2017, 10:47 AM — by Rob DeFrancesco, TechStock Radar
Chart Watch: Coupa Software

Shares of Coupa Software (COUP, $35.66) are now consolidating around current levels following the rally from the late-September low of $30.15. The 50-day moving average is trending upward from $31.49.


There’s short-term resistance at $36.28 and support at $34.90. The post-IPO high of $37.72 was reached in June.

 
Wednesday, October 18, 2017, 9:55 AM — by Rob DeFrancesco, TechStock Radar
EA Shares Slip on Game Delay

Morgan Stanley lowers its Electronic Arts (EA, $112.38) fiscal 2019 (March) EPS estimate by 8% to $5.36 (though it’s still above the current consensus of $5.06) and reduces its unit expectations for the untitled Star Wars action game (slated to debut in the upcoming fiscal year) by 1 million to 7 million following news of a delayed release. The firm trims its price target by $2 to $126. 


Shares of EA this morning are down 3%. In August, the stock hit a new all-time high at $122.79.

 
Tuesday, October 17, 2017, 10:41 AM — by Rob DeFrancesco, TechStock Radar
Craig-Hallum Ups PayPal Target to $83

Craig-Hallum ups its PayPal (PYPL, $67.07) price target to $83 from $67 based on growth potential for Venmo. 


With PayPal shares last week hitting a new all-time high at $69.61, investors have begun to price in the company’s monetization strategy for Venmo. 


The firm cautions that PayPal is still testing the payment service. Venmo’s contribution to net revenue and earnings could swing based on several unknowns surrounding funding costs/merchant acceptance, says Craig-Hallum.


For more on PayPal, see TechStock Radar—October 6, 2017.

 
Tuesday, October 17, 2017, 10:01 AM — by Rob DeFrancesco, TechStock Radar
Mizuho Lifts ServiceNow Target

Mizuho raises its ServiceNow (NOW, $121.50) price target to $140 from $125 ahead of the release of Q3 results on October 25, saying it expects a beat-and-raise quarter. 


The firm believes ServiceNow is seeing sustained business momentum, with market share gains and deeper penetration within the customer base.

 
Monday, October 16, 2017, 10:12 AM — by Rob DeFrancesco, TechStock Radar
Mizuho Lifts NVIDIA Target to $220

Mizuho raises its NVIDIA (NVDA, $195.27) price target to $220 from $180 based on strong underlying GPU gaming and cryptocurrency trends along with China datacenter wins. The firm says NVIDIA’s GPU pricing remains strong, with almost no inventory in the channel. Mizuho expects the automotive segment to be a tailwind in 2018.


For more on NVIDIA, see TechStock Radar—October 13, 2017.

 
Monday, October 16, 2017, 9:44 AM — by Rob DeFrancesco, TechStock Radar
KeyBanc Upgrades Apple

KeyBanc upgrades Apple (AAPL, $158.88) to ‘Overweight’ with a price target of $187, saying the company is in the early stages of a more aggressive market segmentation strategy that will likely boost gross profit per user and drive up overall gross margin. The firm expects strong high-end iPhone demand.

 
Friday, October 13, 2017, 10:50 AM — by Rob DeFrancesco, TechStock Radar
OpCo Remains Upbeat on Nutanix

OpCo remains positive on Nutanix (NTNX, $26.62), maintaining its price target of $34. The firm came away from meetings with management this week feeling more comfortable that overall market trends are stable. 


OpCo says competitive headwinds are largely unchanged, while Nutanix continues to build momentum with its OEM partners.


Nutanix shares have rallied 33% off of the September low of $20.02.


For more on Nutanix, see the October 2017 issue of Tech-Stock Prospector (TSP #188).

 
Friday, October 13, 2017, 10:14 AM — by Rob DeFrancesco, TechStock Radar
Needham Lifts NVIDIA Target to $250

Needham raises its NVIDIA (NVDA,$192.50) price target to $250 from $200 based on growth potential in the datacenter, an addressable market estimated to be worth $21 billion to $35 billion over the next five years. The firm believes NVIDIA’s datacenter business during that period could outpace the gaming segment.


NVIDIA shares this morning hit a new all-time high at $193.60.


For more on NVIDIA, see the October 2017 issue of Tech-Stock Prospector (TSP #188).

 
Friday, October 13, 2017, 9:55 AM — by Rob DeFrancesco, TechStock Radar
Action Alert: Vulture Portfolio

A change has been made this morning to the Tech-Stock Prospector Vulture Portfolio. Subscribers should see today’s Action Alert.

 
Thursday, October 12, 2017, 9:55 AM — by Rob DeFrancesco, TechStock Radar
Stifel & Bernstein Bullish on Netflix

Bernstein and Stifel both raise their Netflix (NFLX, $197.63) price targets to $230, citing the recently announced price increases as well as healthy subscriber trends.

 
Thursday, October 12, 2017, 9:44 AM — by Rob DeFrancesco, TechStock Radar
Zendesk +6% on Piper Jaffray Bullish Note

Zendesk (ZEN, $31.20) shares this morning are up more than 6% after Piper Jaffray said its Q3 checks suggest that the company’s refocused efforts on medium-sized businesses are paying off in the form of close rates exceeding expectations. The firm raises its price target to $35 from $33.


Piper Jaffray’s research indicates Zendesk in the latest quarter saw an uptick in average deal sizes in the enterprise segment and that the velocity business was also strong. 


Zendesk shares today hit a new 52-week high at $31.45. The all-time high of $31.88 was reached in September 2016.

 
Wednesday, October 11, 2017, 10:37 AM — by Rob DeFrancesco, TechStock Radar
Credit Suisse Lifts Amazon PT to $1,350

Rolling its valuation parameters forward to its 2018 estimates, Credit Suisse raises its Amazon (AMZN, $991) price target to $1,350 from $1,100. 


The firm remains upbeat on the Whole Foods acquisition, saying the real path for Amazon to create lasting shareholder value is through fulfillment and delivery via Prime Now. In contrast, most of the headlines have focused on Amazon making price cuts. 


The firm sees ample upside for Prime Now, pointing out that there is currently only a 50% overlap for Prime Now availability with Whole Foods locations (198 of the 393 zip codes). 

 
Wednesday, October 11, 2017, 9:53 AM — by Rob DeFrancesco, TechStock Radar
Morgan Stanley Ups Apple PT to $199

Morgan Stanley says results from a recent smartphone survey show Apple (AAPL, $155.95) iPhone retention and switcher rates have increased from the firm’s last check in April. As a result, Morgan Stanley lifts its estimate for iPhone shipments in North America.


The survey also revealed “surprisingly bullish” demand for the Apple Watch, says the firm.


Morgan Stanley raises its AAPL price target to $199 from $194.

 
Tuesday, October 10, 2017, 10:28 AM — by Rob DeFrancesco, TechStock Radar
A New High for Monolithic Power

SunTrust initiates Monolithic Power Systems (MPWR, $109.30) at ‘Buy’ with a price target of $132 based on new products and solid operating leverage. The firm believes Monolithic Power is in the early stages of multi-year structural growth and margin expansion. 


SunTrust says the company only penetrates about 1% of a $45-billion semiconductor market expected to benefit from innovations in automotive and motion control technologies. 


In the June 2016 issue of Tech-Stock Prospector (TSP #172), we wrote that Monolithic Power looked like an attractive M&A candidate thanks to the company’s high-margin power management business. At time, the stock was trading at just under $69. While no buyer ever emerged, Monolithic Power shares have trended upward since then, this morning hitting a new all-time high at $110.

 
Tuesday, October 10, 2017, 9:48 AM — by Rob DeFrancesco, TechStock Radar
OpCo Bullish on Okta

OpCo starts coverage of Okta (OKTA, $28.11) at ‘Outperform’ with a price target of $32, saying the company’s identity and access management solutions can benefit customers beyond security. 


The firm looks for Okta to deliver sustained revenue growth above the 30% level over the next few years.


Okta went public in April at $17 a share, with the opening trade at $23.75.

 
Tuesday, October 10, 2017, 9:37 AM — by Rob DeFrancesco, TechStock Radar
Morgan Stanley Upgrades Palo Alto

Morgan Stanley upgrades Palo Alto Networks (PANW, $150.47) to ‘Overweight’ and raises its price target to $185 from $150, saying it sees building traction across the company’s portfolio of solutions. 


The firm sees room for valuation upside, as it views Palo Alto as one of the best-positioned vendors to execute on an integrated security platform story.

 
Monday, October 9, 2017, 10:35 AM — by Rob DeFrancesco, TechStock Radar
Cowen Downgrades Symantec

Symantec (SYMC, $32.70) shares this morning are off more than 3% on a Cowen downgrade. 


The firm cut its rating to ‘Underperform’ with a price target of $31 based on valuation and sluggish organic growth. 


Cowen believes the recent spike in Symantec shares following the disclosure of the Equifax breach is overdone. The stock on September 20 traded to a new 52-week high of $34.20, up 16% from the September 5 low of $29.45.

 
Monday, October 9, 2017, 10:28 AM — by Rob DeFrancesco, TechStock Radar
Goldman Upgrades MuleSoft

Goldman Sachs upgrades MuleSoft (MULE, $21.01), provider of an application integration platform, to ‘Buy’ and raises its price target to $26 from $24. 


The firm thinks the stock’s decline over the past three months (caused by softer than expected Q2 billings and the IPO lock-up expiration) creates a buying opportunity.


Goldman expects billings growth to accelerate in 2H’17.

 
Friday, October 6, 2017, 10:43 AM — by Rob DeFrancesco, TechStock Radar
Reuters: Gigamon Deal Talks Stall

Shares of Gigamon (GIMO, $41.03) this morning are down more than 5% following a Reuters report that said Elliott Management’s attempt to acquire the networking solutions company has hit a roadblock on price. 


Gigamon in the past few weeks rejected an Elliott offer because it came in below the company’s share price, according to the report.


Gigamon shares traded to a new all-time high of $61.25 last November. In early September, the stock hit a recent high of $47.55.

 
Friday, October 6, 2017, 10:25 AM — by Rob DeFrancesco, TechStock Radar
UBS Bullish on Netflix

UBS says the Netflix (NFLX, $194.97) price increases announced yesterday would not have been implemented if subscriber trends were disappointing, which bolsters the firm’s confidence in the company’s growth outlook. UBS maintains its price target of $225.


Netflix shares this morning hit a new all-time high at $195.74.

 
Friday, October 6, 2017, 9:47 AM — by Rob DeFrancesco, TechStock Radar
BofA/Merrill Ups PayPal PT to $78

BofA/Merrill boosts its PayPal (PYPL, $66.23) price target to $78 from $71 to reflect higher estimates. The firm continues to believe PayPal is the best-positioned company under coverage to capitalize on the global mix shift of payments to online/digital channels from offline.


PayPal shares this morning hit a new all-time high at $66.41.


For more on PayPal, see TechStock Radar—October 3, 2017.

 
Thursday, October 5, 2017, 10:34 AM — by Rob DeFrancesco, TechStock Radar
Canaccord Upgrades Microsoft

Canaccord Genuity upgrades Microsoft (MSFT, $75) to ‘Buy’ and raises its price target to $86 from $76, saying investors are underestimating the company’s four “compelling” growth drivers—office productivity, gaming, marketing and Azure’s PaaS.


The firm believes continued expansion across these units positions Microsoft for a sustained period of accelerated growth, which should at least preserve the current valuation and potentially drive a bit of multiple expansion.

 
Thursday, October 5, 2017, 9:56 AM — by Rob DeFrancesco, TechStock Radar
Shopify Slumps

Shopify (SHOP, $94.56) shares have been hit hard by a short seller report claiming the business has elements of multi-level marketing. After falling 11.5% yesterday, the stock this morning is down more than 8%. There is support at the August low of $88.21.

 
Thursday, October 5, 2017, 9:48 AM — by Rob DeFrancesco, TechStock Radar
Needham Positive on Facebook

Needham says its Q3 checks on Facebook (FB, $169.51) came back positive. The firm raises its Q3 and Q4 ad supply and targeting estimates for the company based on the strong performance of Instagram. Needham maintains its Facebook price target of $185.

 
Wednesday, October 4, 2017, 10:11 AM — by Rob DeFrancesco, TechStock Radar
JMP: More Competition for Nutanix

JMP Securities says a new NetApp (NTAP, $44.22) product for the hyperconverged infrastructure (HCI) market will compete directly with the flagship HCI product from Nutanix (NTNX, $22.94). The firm also notes that NetApp is deepening its partnership with Microsoft (MSFT) to provide hyperscale cloud storage. 

 
Wednesday, October 4, 2017, 9:57 AM — by Rob DeFrancesco, TechStock Radar
UBS Hikes Netflix Target to $225

UBS hikes its Netflix (NFLX, $185.75) price target to $225 from $190 based on upside potential to Q3 guidance. The firm believes subscriber growth momentum from Q2 was sustained into the latest quarter, with broad-based year over year improvements across all markets. 


UBS says growth is being driven by the overall breadth of content on Netflix, streaming hitting critical mass in many international markets and strong marketing/tech execution. 

 
Wednesday, October 4, 2017, 9:39 AM — by Rob DeFrancesco, TechStock Radar
Barclays Bullish on EA

Barclays starts Electronic Arts (EA, $117.26) at ‘Overweight’ with a price target of $129, citing accelerating digital revenue growth and margin expansion opportunities.


For more on EA, see TechStock Radar—Sept 20, 2017.

 
Tuesday, October 3, 2017, 10:45 AM — by Rob DeFrancesco, TechStock Radar
A New High for Intel

Intel (INTC, $39.40) shares this morning hit a new multi-year high at $39.55. The stock, working on its sixth positive session in a row, has rebounded sharply from the August low of $34.38. The RSI is in overbought territory at 85.6.

 
Tuesday, October 3, 2017, 9:39 AM — by Rob DeFrancesco, TechStock Radar
Deutsche Bank Ups PayPal Target

Deutsche Bank lifts its PayPal (PYPL, $64.18) price target to $77 from $64, citing the monetization opportunity around Venmo. The firm thinks Venmo can drive higher revenue growth and margin expansion.

 
Monday, October 2, 2017, 10:47 AM — by Rob DeFrancesco, TechStock Radar
Guggenheim Upgrades Akamai

Guggenheim upgrades Akamai Technologies (AKAM, $50.06) to ‘Buy’ and raises its price target by $1 to $54, citing valuation. The firm says Wall Street expectations are currently low, with little value being ascribed to the company’s Media Delivery Solutions unit.

 
Monday, October 2, 2017, 10:12 AM — by Rob DeFrancesco, TechStock Radar
SunTrust Ups NVIDIA Target to $200

SunTrust raises its NVIDIA (NVDA, $179.35) target to $200 from $181 based on an optimistic outlook for AI in the datacenter. The firm says new products and customer contracts announced by the company centered around AI make its bullish scenario for NVIDIA more likely.

 
Monday, October 2, 2017, 9:36 AM — by Rob DeFrancesco, TechStock Radar
Morgan Stanley Downgrades Splunk

Morgan Stanley downgrades Splunk (SPLK, $65.62) to ‘Equal Weight’ based on the results of a customer survey pointing to signs of maturity within the user base. The firm sees slower spending growth over the next three years. As for new customers, Morgan Stanley says additions have “remained stubbornly stuck” at roughly 500 per quarter. The price target was maintained at $77.

   
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