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TechStock Radar
E-mail: Rob@techstockprospector.com
Technorati
July 2018
Archives
 
Wednesday, July 18, 2018, 9:51 AM — by Rob DeFrancesco, TechStock Radar
Chart Watch: Zuora

Shares of Zuora (ZUO, $26.40) have retreated from the post-IPO high of $37.78 reached on June 18, hitting a low of $23.87 last week. A small rebound has put the stock back above its 50-day moving average of $25.65. There’s short-term resistance at $29 and $30.68.

 
Wednesday, July 18, 2018, 9:39 AM — by Rob DeFrancesco, TechStock Radar
2 Bulls on Mellanox

Loop Capital maintains its Mellanox Technologies (MLNX, $85.90) price target of $125, saying the company stands to benefit from the adoption of high-speed Ethernet network interface cards and switches by hyperscale Internet/Web 2.0 companies.


Benchmark takes its MLNX target up to $120 from $110 based on above-consensus revenue growth expectations. The firm continues to see Mellanox as “a prime M&A target,” with a good strategic fit for NVIDIA, Marvell or Broadcom.

 
Wednesday, July 18, 2018, 9:08 AM — by Rob DeFrancesco, TechStock Radar
July 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 July 2018 issue:

*Artificial intelligence in action

*One chipmaker helping to power AI

*Zendesk brings AI to customer service

*Tech Focus: Traffic management with AI

*How Alteryx enables machine learning

*Predictive modeling with Guidewire Software

*Veeva launches data warehouse product 

*Splunk expands its product portfolio

*Talend benefiting from cloud tailwinds

*Twilio builds out its partner program


*Carbon Black disrupts the endpoint security market

*Imperva resets after sales reorganization

*A positive spending trend for Arista Networks

*Trend Watch: Database as a Service

*Why some smart investors like MongoDB

*Instagram now a bigger force at Facebook

*Multiple products driving ServiceNow expansion

*Healthy profit growth at Palo Alto Networks

*Competition heats up in collaboration software

*Deal Report: Smartsheet IPO

 
Tuesday, July 17, 2018, 9:57 AM — by Rob DeFrancesco, TechStock Radar
Chart Watch: Tableau

Tableau Software (DATA, $108.88) shares this morning hit a new 52-week high at $109.34. The stock has rallied sharply off of the pivot low of $92.01 set on June 25.


The next key resistance level stands at $109.40 from August 2015. 

 
Tuesday, July 17, 2018, 9:50 AM — by Rob DeFrancesco, TechStock Radar
Chart Watch: Imperva

Shares of Imperva (IMPV, $55.55) have pushed through short-term resistance at $53.95, hitting a new 52-week high at $55.55. The next resistance level to watch is $57.25 from October 2016. The RSI is rising from 73.8.

 
Monday, July 16, 2018, 10:29 AM — by Rob DeFrancesco, TechStock Radar
A Broadcom Bull

Piper Jaffray believes the Broadcom (AVGO, $201.94) purchase of CA Technologies (CA, $44.03) “will prove to be one of the best acquisitions for the company” over the past several years. The firm thinks the deal’s earnings accretion could be close to $3.57 a share. Piper maintains its AVGO price target of $293.

 
Monday, July 16, 2018, 9:24 AM — by Rob DeFrancesco, TechStock Radar
Loop Capital Bullish on Amazon Prime Day

Loop Capital maintains its Amazon (AMZN, $1,813) price target of $1,900, saying the company’s Prime Day starting today will be “highly successful” in generating significant shopping volume, driving incremental new membership numbers and providing “valuable free advertising.”


The firm notes that Prime Day this year will contain six additional hours relative to last year and also integrate Whole Foods into the mix.

 
Friday, July 13, 2018, 9:44 AM — by Rob DeFrancesco, TechStock Radar
Zendesk Hits New All-Time High

Shares of Zendesk (ZEN, $59.84) this morning hit a new all-time high at $60.44.


Zendesk is a holding in the Tech-Stock Prospector Small-Cap Portfolio, added in March 2015, when the stock traded at $22.76. 


The total return so far on this recommendation: +163%.

 
Friday, July 13, 2018, 9:38 AM — by Rob DeFrancesco, TechStock Radar
Jefferies Ups Facebook PT to $240

Jefferies raises its Facebook (FB, $207.23) price target to $240 from $215 ahead of the Q2 reporting season. 


The firm believes Facebook continues to offer the best ROI for advertisers, with Instagram now adding more ad opportunities.


Jefferies sees EPS of $10+ “on the horizon.” Putting a 25x to 30x multiple on that would yield a stock price of $250 to $300 for Facebook, says the firm. 


The latest 2018/2019 consensus EPS estimates: $7.73/$9.26.

 
Thursday, July 12, 2018, 10:32 AM — by Rob DeFrancesco, TechStock Radar
ServiceNow Hits New All-Time High

ServiceNow (NOW, $191.53) shares this morning hit a new all-time high at $191.31.


The cloud-software provider has been a core holding in the Tech-Stock Prospector Vulture Portfolio since August 2014, added when the stock was trading at $55. The total return so far on this recommendation is +248%.

 
Thursday, July 12, 2018, 10:23 AM — by Rob DeFrancesco, TechStock Radar
Broadcom Shares Fall on CA Deal

Shares of Broadcom (AVGO, $204.45) this morning are down 16% after the chipmaker announced it would acquire software vendor CA Technologies (CA) for $44.50 a share in cash in a deal worth $18.9 billion. 


Wall Street at first glance isn’t so keen on this acquisition because it’s out of Broadcom’s wheelhouse. The deal is financially positive, but the strategic rationale is much harder to figure out.


RBC Capital downgrades Broadcom to ‘Outperform’ and reduces its price target to $300 from $330, saying the deal places the chipmaker “in the penalty box from a valuation expansion perspective.” 


While the transaction offers “strong accretion” and provides a “foundation to perhaps scale its model beyond the traditional semiconductor sector,” Broadcom is also entering a market where it has limited history, likely tempering investor optimism on the stock going forward, says RBC.


MKM Partners questions the rationale for “adding a low-growth software asset to the company’s strong portfolio of semiconductor technologies.”

 
Wednesday, July 11, 2018, 10:03 AM — by Rob DeFrancesco, TechStock Radar
Chart Watch: Proofpoint

Following a recent pullback, shares of Proofpoint (PFPT, $121.06) are in rally mode, approaching the 50-day moving average at $121.38. The RSI is on the rise from 53.


From the all-time high of $130.27 reached on May 10, Proofpoint shares had declined nearly 13% at the July 2 low of $113.51.

 
Wednesday, July 11, 2018, 9:35 AM — by Rob DeFrancesco, TechStock Radar
Citi Remains Bullish on Intel

Citi expects “solid” Q3 guidance from Intel (INTC, $51.61) given that the PC market “appears to remain strong.” The firm points out that June notebook shipments rose 12%, beating expectations.

 
Tuesday, July 10, 2018, 9:32 AM — by Rob DeFrancesco, TechStock Radar
BTIG Research Upgrades Check Point

BTIG Research upgrades Check Point Software (CHKP, $102.71) to ‘Buy’ with a price target of $120, saying it thinks it’s time to get more constructive on the stock following three quarters of underperformance.


There is growing evidence of “increased sales force effectiveness” and “signals of a trough in expectations,” says the firm.

 
Tuesday, July 10, 2018, 9:24 AM — by Rob DeFrancesco, TechStock Radar
Apple Has AR Upside Potential

BofA/Merrill lifts its Apple (AAPL, $190.58) price target to $230 from $225 because it thinks augmented reality (AR) adoption is set to grow materially following the launch of ARKit 2. 


The firm sees AR adding $1 billion to Apple’s revenue from App Store downloads alone by the end of fiscal 2020, and also thinks increased usage of AR apps will help drive higher iPhone sales.

 
Monday, July 9, 2018, 9:24 AM — by Rob DeFrancesco, TechStock Radar
MKM Partners Bullish on Spotify

MKM Partners reiterates its Spotify (SPOT, $175.70) price target of $200, saying the company is “best positioned and has the most interest in advancing a healthy music industry.”


The firm says that after 20 years of under-investment, the music industry can start to rebuild, particularly when it comes to recruiting/promoting artists and connecting them to fans. 


MKM Partners believes Spotify can benefit from “large value creation opportunities” and expects the company to “significantly increase” its market share over the next five years.

 
Monday, July 9, 2018, 9:17 AM — by Rob DeFrancesco, TechStock Radar
Piper Jaffray Upgrades FireEye

Piper Jaffray upgrades FireEye (FEYE, $15.98) to ‘Overweight’ and raises its price target to $20 from $17 following a recent round of partner checks showing “a significant improvement” in demand trends for the company.


The firm’s contacts noted that FireEye’s new pricing bundles are having a positive impact on overall demand, which it believes is sustainable. Piper Jaffray is looking for positive operating income and FCF starting in Q3.

 
Friday, July 6, 2018, 10:29 AM — by Rob DeFrancesco, TechStock Radar
Chart Watch: Microsoft

Microsoft (MSFT, $100.21) shares have retaken the $100 level following the recent successful test of the 50-day moving average at $98.44. 


There’s short-term resistance at $100.63 and $102.50. The 200-day moving average continues to trend upward from $89.12.

 
Friday, July 6, 2018, 10:16 AM — by Rob DeFrancesco, TechStock Radar
Loop Capital Lifts Apple PT to $210

Loop Capital raises its Apple (AAPL, $186.78) price target to $210 from $195 based on net positives for the second half of the year, including continued strong momentum in the Services unit and the expected launch of a lower-priced, LCD-based iPhone X. 

 
Thursday, July 5, 2018, 10:34 AM — by Rob DeFrancesco, TechStock Radar
Chart Watch: Rapid7

After correcting 19% from the all-time high of $33.92 reached on June 14, Rapid7 (RPD, $28.73) shares are trying to consolidate around current levels. The pivot low of $27.37 was reached on June 28.


Rapid7 shares are above their upwardly trending 200-day moving average of $23.93, but remain below the 50-day moving average of $30.70. There’s short-term resistance at $29.45.

 
Thursday, July 5, 2018, 10:16 AM — by Rob DeFrancesco, TechStock Radar
KeyBanc Trims Intel Target

KeyBanc trims its Intel (INTC, $50.10) price target to $60 from $65, but reiterates its ‘Overweight’ rating. 


While the firm says datacenter demand trends remain robust in the near-term, it believes these four factors will act as a drag on the stock’s valuation: 


1-14nm notebook platform delays in 2H’18

2-A sub-seasonal Q3 demand outlook at notebook ODMs

3-New AMD (AMD) EPYC design wins at cloud customers for 2019

4-10nm manufacturing delays

 
Tuesday, July 3, 2018, 10:17 AM — by Rob DeFrancesco, TechStock Radar
Cowen Lifts Netflix Target to $430

Cowen raises its Netflix (NFLX, $398) price target to $430 from $375 based on the firm’s proprietary survey showing the platform was the most often viewed for content in the home.


The firm looks for strong Q2 results, as it expects the company’s originals to serve as a positive tailwind. Cowen also raises its long-term international subscription forecast.

 
Monday, July 2, 2018, 10:34 AM — by Rob DeFrancesco, TechStock Radar
Chart Watch: Shopify

Shares of Shopify (SHOP, $148.30), down from the all-time high of $175.11 reached on June 20, are in the process of testing the 50-day moving average at $147.64.

There’s short-term support at $140.40. The 200-day moving average is trending upward (although beginning to flatten out) from $124.29.

 
Monday, July 2, 2018, 10:20 AM — by Rob DeFrancesco, TechStock Radar
Citi Remains Bullish on Apple

Citi says Apple (AAPL, $186.06) iPhone order cuts and the negative news flow surrounding a demand slowdown have worked together to recalibrate consensus estimates to lower levels.

The firm thinks the materially reduced estimates for the iPhone are now in line with its numbers, which have not meaningfully changed in several quarters.

Apple shares now present an attractive value, according to Citi. The firm maintains its price target of $200.

   
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