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| March 2019 |
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| Friday, March 29, 2019, 5:32 PM — by Rob DeFrancesco, TechStock Radar |
| Mizuho Raises Xilinx Target to $140 |
Mizuho raises its Xilinx (XLNX, $126.79) price target to $140 from $107, calling the company a “significant leader” in 5G. The firm believes Xilinx has a “strong lead” over both Intel (INTC) and Marvell Technology (MRVL).
Mizuho thinks Xilinx’s 5G orders this year could be up more than 50%. |
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| Thursday, March 28, 2019, 4:08 PM — by Rob DeFrancesco, TechStock Radar |
| Wedbush Starts Lyft at 'Neutral' |
Wedbush issues a ‘Neutral’ rating on Lyft (LYFT) ahead of the company’s upcoming IPO.
Yesterday, the IPO price range was raised to $70-$72 from $62-$68 previously.
Wedbush set a price target of $80. While Lyft has established itself as the clear #2 player in ride hailing behind Uber and its brand loyalty is “quite impressive,” the firm sees a number of potential risks—including hefty competitive pressures, lack of a near-term path to profitability and regulatory uncertainty. |
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| Thursday, March 28, 2019, 4:05 PM — by Rob DeFrancesco, TechStock Radar |
| JP Morgan Hikes Microsoft PT to $125 |
JP Morgan raises its Microsoft (MSFT, $116.93) price target to $125 from $115, saying it has higher conviction that the company’s business will reaccelerate post the tough comps upcoming in FQ4 (June) following a round of conversations with management and industry contacts.
The firm’s checks indicate a consistent and healthy demand environment, with no degradation, especially for Azure.
JP Morgan also points out that consensus revenue estimates for near-term forward quarters have come down, putting them closer to reality compared to a few months ago. |
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| Wednesday, March 27, 2019, 12:10 PM — by Rob DeFrancesco, TechStock Radar |
| Macquarie Lifts Shopify Price Target to $230 |
Macquarie raises its Shopify (SHOP, $198.89) price target to $230 from $204 based on expectations for wider merchant adoption of the Capital, Payments and Shipping services. The firm also looks for strong expansion of Shopify’s international business.
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| Tuesday, March 26, 2019, 12:54 PM — by Rob DeFrancesco, TechStock Radar |
| Piper Jaffray Lifts Apple Target to $201 |
Piper Jaffray raises its Apple (AAPL, $190.52) price target to $201 from $187, saying it believes the primary takeaway from yesterday’s Services event is that the company is increasingly looking for ways to leverage the massive base of active installed devices (~1.4 billion) by layering on more services per user/device.
As upgrade rates for Apple devices have lengthened and the predictability of new iPhone uptake has become more challenging, the company is pushing high margin and highly recurring services offerings. |
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| 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. |
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| 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. |
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| 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. |
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| 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.
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| 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.
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| 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.
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| 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.
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| 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.
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| 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.
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| 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. |
