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September 2015 |
Archives |
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Wednesday, September 30, 2015, 4:28 PM — by Rob DeFrancesco, TechStock Radar |
Shopify Rebounds |
After pulling back from the September 17 high of $37.95 and successfully testing the 50-day moving average at $31.94, Shopify (SHOP, $35.20) shares today rallied 4.6%.
In the September 2015 issue of Tech-Stock Prospector, we said Shopify shares—then trading at $26.81—offered a more attractive risk/reward profile following the sharp retreat from the summer high.
Shopify, provider of a cloud-based commerce platform used by small businesses, went public in May at $17 a share and opened for trading at $28. The post-IPO high of $42.13 was reached in June.
For more on Shopify, see TechStock Radar--September 17, 2015.
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Wednesday, September 30, 2015, 10:24 AM — by Rob DeFrancesco, TechStock Radar |
Chart Watch: Intel |
After pushing off of the 50-day moving average at $28.68, Intel (INTC, $30.18) shares have retaken the $30 level and are testing short-term resistance at $30.20. The RSI is on the rise from 62.1.
There is resistance at $30.48 from July. The 200-day moving average stands at $31.56. |
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Wednesday, September 30, 2015, 9:07 AM — by Rob DeFrancesco, TechStock Radar |
A New Investor for Western Digital |
Western Digital (WDC, $69.37), a provider of data storage solutions, is receiving a $3.775-billion investment from China’s Unisplendour, which will own a 15% stake and be able to nominate one board member.
Unisplendour, a tech firm based in Beijing, will buy newly issued shares of Western Digital at a price of $92.50 a share, well above last night’s close of $69.37. There is a five-year lock-up agreement related to the investment.
Western Digital traded above $90 as recently as June. |
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Tuesday, September 29, 2015, 4:23 PM — by Rob DeFrancesco, TechStock Radar |
Chart Watch: Skyworks |
Shares of mobile chipmaker Skyworks Solutions (SWKS, $82.85) today dipped to $82, taking out the September 1 low of $82.40. However, the stock rebounded to finish the session in the green.
The recent rally off of the August 24 low of $70.80 was halted in the middle of this month at the $92.63 level. |
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Tuesday, September 29, 2015, 12:03 PM — by Rob DeFrancesco, TechStock Radar |
A New 52-Week Low for GoPro |
Shares of GoPro (GPRO, $30.23) this morning hit a 52-week low of $28.91 before rebounding back into the green for the session.
So far this year, GoPro is down 52%.
The stock trades at 17.2 times the 2015 consensus EPS estimate of $1.76 (down from $1.81 earlier this month) and 14.7 times the 2016 consensus of $2.06 (down from $2.09).
Analysts on average now expect earnings next year to be up 17%. |
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Tuesday, September 29, 2015, 9:06 AM — by Rob DeFrancesco, TechStock Radar |
Sterne Agee CRT Starts Apple at 'Buy' |
Sterne Agee CRT starts Apple (AAPL, $112.44) at ‘Buy’ with a price target of $150 based on iPhone upgrade potential.
The firm estimates less than half of the iPhone installed base will have upgraded to a larger-screen handset (> 4”) exiting CY’15, leaving runway for unit growth in CY’16. |
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Monday, September 28, 2015, 3:48 PM — by Rob DeFrancesco, TechStock Radar |
Chart Watch: CyberArk |
Shares of CyberArk Software (CYBR, $50.74) today are showing relative strength, rebounding from an early low of $48.33 to trade in the green.
On Friday, the stock rallied to a high of $54.74 (above the 200-day moving average at $54.33), but couldn’t hold the gain, reversing to close the session down 4.9%.
There is short-term support around $48.20.
For more on CyberArk, see TechStock Radar—September 25, 2015. |
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Monday, September 28, 2015, 11:07 AM — by Rob DeFrancesco, TechStock Radar |
Pacific Crest Bullish on Intel |
Pacific Crest remains optimistic on Intel (INTC, $29.10), reiterating its price target of $35. The firm says laptop shipments are primed to exceed expectations in the near term, the PC market shows signs of stability and datacenter semiconductor demand remains solid thanks to continued cloud build-outs. |
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Monday, September 28, 2015, 9:03 AM — by Rob DeFrancesco, TechStock Radar |
Another iPhone Sales Record |
Apple (AAPL, $114.71) set an opening weekend record, selling more than 13 million iPhone 6S/6S+ models over the first three days, aided by the addition of China.
The previous record, set last year, was 10 million units. |
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Friday, September 25, 2015, 3:19 PM — by Rob DeFrancesco, TechStock Radar |
OpCo Remains Upbeat on Salesforce |
OpCo reiterates its Salesforce (CRM, $72.16) price target of $80, saying more enterprises were represented at the recently completed Dreamforce user conference, indicating the company’s share of the market could be on the rise.
The firm believes Salesforce’s platform strategy is becoming more popular with customers and is providing additional monetization opportunities across the large installed base. |
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Friday, September 25, 2015, 11:02 AM — by Rob DeFrancesco, TechStock Radar |
Canaccord Bullish on PayPal |
Canaccord Genuity initiates PayPal (PYPL, $34.19) at ‘Buy’ with a price target of $43 based on the company’s steady growth trajectory.
The company is well-positioned to benefit from the long-term shift to cashless payments and continued e-commerce expansion, says the firm.
Even in an increasingly complicated payments landscape, Canaccord looks for Braintree, One Touch and Venmo to enhance PayPal’s growth and contribute to potential upside for estimates.
For more on PayPal, see TechStock Radar—September 21, 2015.
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Friday, September 25, 2015, 9:03 AM — by Rob DeFrancesco, TechStock Radar |
Nomura Upgrades CyberArk to 'Buy' |
Nomura Securities upgrades CyberArk Software (CYBR, $52.70) to ‘Buy’ and lifts its price price target to $62 from $57 based on valuation (the stock is down 31% from the June high of $76.35) relative to its 2016 revenue growth estimate of 35%, above the consensus of +31.2%.
CyberArk operates in the fast-growing privileged account management (PAM) market, a subsegment of the identity and access market. The top 10,000 companies worldwide are the target customers for CyberArk, says Nomura.
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Thursday, September 24, 2015, 4:05 PM — by Rob DeFrancesco, TechStock Radar |
New Low Alert: Yahoo |
Shares of Yahoo (YHOO, $29.34) today hit a new 52-week low at $28.85.
We closed out the long Yahoo position in the Tech-Stock Prospector Vulture Portfolio a little over a year ago (9/19/14) at $42.42. |
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Thursday, September 24, 2015, 12:07 PM — by Rob DeFrancesco, TechStock Radar |
Chart Watch: Expedia |
After hitting a new all-time high of $130.99 last week, Expedia (EXPE, $119.22) shares are pulling back along with the overall market.
There is support at the 50-day moving average, which is trending upward from $116.57.
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Thursday, September 24, 2015, 11:10 AM — by Rob DeFrancesco, TechStock Radar |
Longbow Ups Nimble Storage to 'Buy' |
Longbow Research upgrades Nimble Storage (NMBL, $23.81) to ‘Buy’ with a price target of $32, saying the recent pullback has created an attractive entry point for the shares.
The firm believes Nimble is capable of sustaining current growth trends.
The consensus revenue estimates:
FY’16 (Jan.): $338.1 million +48.5%
FY’17 (Jan.): $464.5 million +37.4%
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Thursday, September 24, 2015, 9:12 AM — by Rob DeFrancesco, TechStock Radar |
Citi Reduces Twitter Estimates & Target |
Citi reduces its Twitter (TWTR, $26.80) price target to $30 from $37, saying it believes consensus estimates are too high. Wall Street is assuming monetization growth that may prove difficult to achieve, according to the firm.
Citi says the stock will have a tough time when it comes to multiple expansion until user growth accelerates and/or revenue growth stabilizes.
The firm’s revised 2016 revenue estimate is now 3% below the consensus of $3.23 billion (representing growth of 44.4%).
Citi’s new EPS estimates:
2015: $0.30 <—consensus is 34 cents
2016: $0.34 <—consensus is 63 cents
2017: $0.58
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Wednesday, September 23, 2015, 3:35 PM — by Rob DeFrancesco, TechStock Radar |
New High Alert: Imperva |
Shares of Imperva (IMPV, $73.51), a provider of datacenter security solutions, today are up 4.7% on heavy volume. Since the end of August, the stock is up more than 23%.
Earlier in the session, a new all-time high was reached at $74. |
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Wednesday, September 23, 2015, 12:03 PM — by Rob DeFrancesco, TechStock Radar |
Craig-Hallum Remains Bullish on Qorvo |
Craig-Hallum thinks shares of chipmaker Qorvo (QRVO, $48.79) are now too cheap, trading at 8.5 times its fiscal 2017 (March) EPS estimate of $5.72 (above the consensus of $5.50, which is down 56 cents since late July). The firm says Qorvo is putting more content into the next iPhone.
Over the past 60 days, the fiscal 2016 EPS estimate has dropped 42 cents to $4.59.
Qorvo announced in early September that it completed a $400-million share repurchase authorization from August, buying back ~7.3 million shares at an average price of $54.75. Overall, $500-million worth of stock was repurchased over a period of 30 days.
Qorvo shares on August 24 dipped to a low of $45, down from the 52-week high of $88.35.
For more on Qorvo, see TechStock Radar—September 18, 2015.
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Wednesday, September 23, 2015, 11:04 AM — by Rob DeFrancesco, TechStock Radar |
Cowen Cuts GoPro Price Target |
Cowen reduces its GoPro (GPRO, $32.78) price target to $60 from $76, but maintains its ‘Outperform’ rating, saying competitive concerns are overblown.
The firm believes cautious commentary by supplier Ambarella (AMBA) and a slower-than-expected start for the HERO4 Session product now look “well discounted” in the stock price. |
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Wednesday, September 23, 2015, 10:02 AM — by Rob DeFrancesco, TechStock Radar |
A New Milestone for Instagram |
Instagram has topped 400 million users. The photo-sharing social network owned by Facebook (FB, $93.32 ) had reached 300 million just users nine months ago.
More than 75% of Instagram users are located outside the U.S. |
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Tuesday, September 22, 2015, 10:03 AM — by Rob DeFrancesco, TechStock Radar |
Cowen Ups Expedia Target to $150 |
Cowen raises its Expedia (EXPE, $125) price target to $150 from $135, saying it has increased confidence about the the company’s growth profile following the completion of the Orbitz acquisition.
The firm sees three factors that could drive upside to estimates: Orbitz synergies coming in better than expected, increased momentum in the core business and a growing contribution from Trivago. |
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Tuesday, September 22, 2015, 9:02 AM — by Rob DeFrancesco, TechStock Radar |
Mixed Signals on Infoblox |
Deutsche Bank downgrades Infoblox (BLOX, $17.77) to ‘Hold’ and reduces its price target to $20 from $30, saying it has become near-term cautious on sales trends and competitive headwinds. The firm’s recent checks indicate Infoblox’s networking and security products are seeing extended deal cycles.
However, Stifel starts coverage of Infoblox at ‘Buy’ with a price target of $23 based on the argument that the company’s solutions are positioned to benefit from the tremendous growth of IP-based devices in the enterprise. The firm says the DDI market is worth about $4 billion and is under-penetrated, with just 20% of enterprises with 10,000+ employees using a dedicated DDI solution. |
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Monday, September 21, 2015, 4:10 PM — by Rob DeFrancesco, TechStock Radar |
Chart Watch: Electronic Arts |
Shares of Electronic Arts (EA, $70.58) have retaken the 50-day moving average of $70.47 on a closing basis, today gaining 0.7%.
The stock has rebounded 18% from the August 24 low of $59.47. There is short-term resistance around $72. The 52-week high (reached in August) stands at $75.76 |
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Monday, September 21, 2015, 3:15 PM — by Rob DeFrancesco, TechStock Radar |
New Relic Hits New High |
Shares of New Relic (NEWR, $39.97) today are up more than 6% and have hit a new post-IPO high at $39.99 after Pacific Crest started coverage at ‘Overweight’ with a price target of $47, calling the company a leading player in next-generation application performance management (APM).
The firm expects New Relic to be able to sustain revenue growth of 40%+ over the near term thanks to larger APM deployments, an expanded product portfolio and a continued build-out of the enterprise sales team.
For our latest view on New Relic, see the September 2015 issue of Tech-Stock Prospector. Order the new issue here for download to your Kindle or Kindle for iPad/iPhone reading app. |
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Monday, September 21, 2015, 11:02 AM — by Rob DeFrancesco, TechStock Radar |
Chart Watch: Facebook |
The rebound continues for Facebook (FB, $96.04) shares, which are now back to short-term resistance at $96.10. There is additional congestion at $98.75. The all-time high stands at $99.24 from July. |
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Monday, September 21, 2015, 10:08 AM — by Rob DeFrancesco, TechStock Radar |
Deutsche Bank Upgrades CyberArk |
Deutsche Bank upgrades CyberArk Software (CYBR, $50.09) to ‘Buy’ with a price target of $65, saying the valuation is now at a “very attractive” entry level following the 36% retreat over the past three months.
The firm points out that CyberArk offers a combination of hefty revenue growth combined with solid operating margin expansion. |
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Monday, September 21, 2015, 9:05 AM — by Rob DeFrancesco, TechStock Radar |
Stifel Upgrades PayPal to 'Buy' |
Stifel upgrades PayPal (PYPL, $32.92) to ‘Buy’ with a price target of $40, saying the recent sell-off has driven the stock down to levels that don’t reflect the company’s growth opportunities.
The firm believes the new One Touch feature has the potential to expand PayPal’s TPV above prior estimates.
PayPal shares traded to a high of $42.55 on July 20.
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Friday, September 18, 2015, 3:22 PM — by Rob DeFrancesco, TechStock Radar |
Chart Watch: Barracuda Networks |
After crossing above the 50-day moving average of $27.25 earlier this week, shares of Barracuda Networks (CUDA, $29.53)—a provider of cloud-based security & storage solutions—today are showing relative strength, gaining 3.5% on active volume.
The stock has rebounded 35% off of the August 24 low of $21.85.
There is short-term resistance at $30.77 from July.
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Friday, September 18, 2015, 10:18 AM — by Rob DeFrancesco, TechStock Radar |
Chart Watch: LinkedIn |
Shares of LinkedIn (LNKD, $199.91) have retaken the 50-day moving average of $198.22. The RSI is rising from 62.4. There is a gap on the price chart at $220.33 from the end of July. |
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Friday, September 18, 2015, 9:08 AM — by Rob DeFrancesco, TechStock Radar |
Brean Capital Remains Positive on Qorvo |
Brean Capital remains upbeat on chipmaker Qorvo (QRVO, $51.39), saying the positive long-term story (increasing RF content in handsets and higher profitability) has not changed.
The firm likes the stock on the recent weakness, maintaining its price target of $80.
Qorvo shares are down 41.8% from the June high of $88.35.
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Thursday, September 17, 2015, 4:56 PM — by Rob DeFrancesco, TechStock Radar |
Shopify +22% on New Amazon Partnership |
Shares of Shopify (SHOP, $35.55) today jumped 22% on heavy volume after the company announced its cloud-based multichannel commerce platform was selected as the preferred migration provider for Amazon (AMZN) Webstore merchants.
Amazon Webstore sellers can now seamlessly migrate their businesses to a Shopify account. Shopify is providing support to assist in the store migrations.
In addition, the company is providing its merchants with tools and services to help customers grow their online businesses and easily integrate Amazon offerings (including payment and fulfillment).
For our latest positive update on Shopify, see the September 2015 issue of Tech-Stock Prospector. Order the new issue here for download to your Kindle or Kindle for iPad/iPhone reading app.
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Thursday, September 17, 2015, 12:17 PM — by Rob DeFrancesco, TechStock Radar |
Chart Watch: Fortinet |
Fortinet (FTNT, $45.28) shares are pushing off of the 50-day moving average, which is trending upward from $44.56. The RSI is rising from 57.3. The next significant resistance stands at $48.10 from the middle of August. |
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Thursday, September 17, 2015, 10:21 AM — by Rob DeFrancesco, TechStock Radar |
Piper Jaffray Remains Bullish on TripAdvisor |
Piper Jaffray believes TripAdvisor (TRIP, $69.44) shares are at an attractive entry point following the 25% pullback since the company reported Q2 results in July. Key positives being overlooked: monetization improvements and product line diversification. The firm reiterates its price target of $95.
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Thursday, September 17, 2015, 9:21 AM — by Rob DeFrancesco, TechStock Radar |
Evercore ISI Ups Expedia Target |
Evercore ISI ups its Expedia (EXPE, $124.68) price target to $133 from $130 after the DoJ decided it would not challenge the deal with Orbitz Worldwide (OWW).
Announced in February, the $1.6-billion acquisition of Orbitz for $12 a share in cash has been completed.
The firm maintains its ‘Hold’ rating on Expedia.
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Wednesday, September 16, 2015, 11:14 AM — by Rob DeFrancesco, TechStock Radar |
Cowen Cuts GrubHub Target to $25 |
Cowen reduces its GrubHub (GRUB, $26.61) price target to $25 from $30 based on increased competition from courier-based food delivery services.
The main negative is the launch of the Amazon Restaurants food delivery service via the Prime Now mobile app.
Once Amazon expands the new service into key markets (including NYC), it is expected to be highly cannibalistic to GrubHub’s order growth, says the firm. |
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Wednesday, September 16, 2015, 10:07 AM — by Rob DeFrancesco, TechStock Radar |
Chart Watch: CyberArk |
Shares of CyberArk Software (CYBR, $45.05) continue to act weak, dipping below recent support around $45.50. The RSI is down to 34.4.
The stock’s rally off of the August 24 low of $40.63 was halted at the $53 level. |
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Tuesday, September 15, 2015, 10:05 AM — by Rob DeFrancesco, TechStock Radar |
Chart Watch: Avago |
Shares of chipmaker Avago Technologies (AVGO, $133) have pushed off of the 50-day moving average of $125.85 and are approaching short-term resistance at $136.38. The RSI is rising from 59.6. |
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Tuesday, September 15, 2015, 9:05 AM — by Rob DeFrancesco, TechStock Radar |
Pacific Crest Bullish on Fitbit |
Pacific Crest starts coverage of Fitbit (FIT, $31.90) at ‘Overweight’ with a price target of $47, saying it likes the company’s opportunities beyond the consumer space in corporate wellness channels.
The firm sees room for P/E multiple expansion (margin expectations are conservative) and upside to earnings (new products, share gains and TAM expansion).
Fitbit can diversify its revenue channel away from strictly direct-to-consumer via corporate wellness initiatives, nearly a $100-million revenue run-rate business today, says Pacific Crest. |
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Monday, September 14, 2015, 4:18 PM — by Rob DeFrancesco, TechStock Radar |
Apple Shares Rise on Strong Preorders |
Shares of Apple (AAPL, $115.31) today rose nearly 1% after the company said iPhone 6S/6S+ preorders are on pace to beat last year’s record first-weekend sales of 10 million units. Initial demand out of China looks particularly solid. The new handsets are available in stores on September 25.
On a technical basis, Apple stock remains below the 50-day moving average, which is trending downward from $117.54. There is short-term resistance at $117.65. |
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Monday, September 14, 2015, 11:07 AM — by Rob DeFrancesco, TechStock Radar |
Evercore ISI Upgrades Semis |
Evercore ISI upgrades the semiconductor sector to ‘Overweight’ following the broad decline from the June highs.
While the firm cautions it could be a few weeks too early, it believes now is the time to get more bullish on the group because of the improved risk/reward profile.
Here are the Evercore ISI’s top picks:
*NXP Semiconductors (NXPI, $89.71)
*Maxim Integrated Products (MXIM, $34.29)
*Micron Technology (MU, $16.70)
*Analog Devices (ADI, $57.17) |
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Monday, September 14, 2015, 10:20 AM — by Rob DeFrancesco, TechStock Radar |
Chart Watch: Marketo |
Shares of Marketo (MKTO, $29.28) this morning crossed above the 200-day moving average of $29.20. The RSI is rising from 56.9. There is short-term resistance at $29.84, $30.25 and $30.50. |
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Monday, September 14, 2015, 9:08 AM — by Rob DeFrancesco, TechStock Radar |
Needham Bullish on Monolithic Power |
Needham starts coverage of Monolithic Power Systems (MPWR, $50.62) at ‘Buy’ with a price target of $67.
The company designs high-performance analog and mixed-signal power management chips for the industrial, consumer, computing and communications markets.
Needham points out that Monolithic Power is the fastest-growing player in the catalog analog IC business. The company has been expanding its addressable market and taking share, says the firm. Needham expects steady margin expansion as revenue grows. |
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Friday, September 11, 2015, 3:42 PM — by Rob DeFrancesco, TechStock Radar |
Chart Watch: Apple |
Shares of Apple (AAPL, $114.04) have rebounded 6% from the September 1 low of $107.36.
The 50-day moving average is sloping downward from $117.75, while the 200-day moving average is trading sideways from $120.55.
Key short-term resistance levels to watch: $114.53 and $117.65. |
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Friday, September 11, 2015, 10:04 AM — by Rob DeFrancesco, TechStock Radar |
Susquehanna Upgrades VMware |
Susquehanna upgrades VMware (VMW, $79.98) to ‘Positive’ and raises its price target to $96 from $84 because it believes the risk/reward balance is attractive at current levels.
The firm says VMware has the potential to boost the penetration rates for some key growth products, including NSX and AirWatch. Susquehanna sees NSX/network virtualization as a prime revenue driver going forward. |
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Friday, September 11, 2015, 9:02 AM — by Rob DeFrancesco, TechStock Radar |
Cantor Remains Bullish on Facebook |
Cantor Fitzgerald reiterates its Facebook (FB, $91.98) price target of $105, saying increased ad loads on Instagram over the next 12 months will be a significant monetization development. |
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Thursday, September 10, 2015, 3:32 PM — by Rob DeFrancesco, TechStock Radar |
FBR Capital Ups Palo Alto Target to $200 |
FBR Capital boosts its Palo Alto Networks (PANW, $176.75) price target to $200 from $175, saying the company is showing “major momentum” going into fiscal 2016 (July).
Last night, the provider of enterprise security solutions reported fiscal Q4 '15 revenue advanced 59% to $283.9 million, well above the high end of the guidance range of $252 million to $256 million. Billings and deferred revenue were both up 69%.
For fiscal Q1 ’16 (October), Palo Alto expects revenue of $280 million to $284 million, above the consensus estimate of $269.6 million.
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Thursday, September 10, 2015, 12:30 PM — by Rob DeFrancesco, TechStock Radar |
JMP Upgrades Avago |
JMP Securities upgrades Avago Technologies (AVGO, $127.32) to ‘Outperform’ with a price target of $165 because it expects the chipmaker to see increased content in the iPhone over time.
The firm says its sources indicate Avago’s content share inside the iPhone 6S will hold steady or slightly improve, and then “advance solidly” next year in the iPhone 7. |
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Wednesday, September 9, 2015, 3:06 PM — by Rob DeFrancesco, TechStock Radar |
GoPro Shares Head Lower |
Shares of GoPro (GPRO, $34.24) today are sliding 8.7% on heavy volume and earlier hit a new 52-week low at $34.06.
The stock now trades at 18.9 times the 2015 consensus EPS estimate of $1.81.
On the 2016 consensus of $2.09 (expected growth of 15.5%), the P/E is 16.4, representing a PEG of 1.06. |
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Wednesday, September 9, 2015, 11:24 AM — by Rob DeFrancesco, TechStock Radar |
Chart Watch: Facebook |
Shares of Facebook (FB, $91.47) are trying to push above the 50-day moving average of $91.46. The RSI is rising from 52.9. There is short-term resistance at $91.48. |
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Wednesday, September 9, 2015, 10:24 AM — by Rob DeFrancesco, TechStock Radar |
Pacific Crest Cuts Alibaba Target |
Pacific Crest lowers its Alibaba (BABA, $63.84) price target to $80 from $94 to reflect reduced GMV growth due to lower consumer spending. The firm remains optimistic about Alibaba’s margins and longer-term growth outlook. |
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Tuesday, September 8, 2015, 3:15 PM — by Rob DeFrancesco, TechStock Radar |
Chart Watch: Arista Networks |
Shares of Arista Networks (ANET, $78.43) during the recent market pullback held support at the 200-day moving average of $71.54 on a closing basis. Today, the stock is up 4.7% and is approaching the 50-day moving average at $80. |
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Tuesday, September 8, 2015, 11:17 AM — by Rob DeFrancesco, TechStock Radar |
JP Morgan Upgrades SanDisk |
JP Morgan upgrades SanDisk (SNDK, $55.08) to ‘Overweight’ with a price target of $70 because it believes the company has worked through its execution issues in the enterprise flash market and is ready to resume growth in the enterprise and client/embedded segments. The firm sees the overall enterprise SSD market expanding at a 20% CAGR over the next few years. |
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Tuesday, September 8, 2015, 9:02 AM — by Rob DeFrancesco, TechStock Radar |
Morgan Stanley Upgrades Fitbit |
Morgan Stanley upgrades Fitbit (FIT, $31.91) to ‘Overweight’ with a price target of $58 (up from $43) based on positive results from a recent consumer wearables survey.
The firm is no longer as concerned about cannibalization from Apple Watch, with the latest survey showing increased intent to purchase Fitbit products compared to the prior survey in May. Also, there was a notable decline in the number of surveyed Fitbit users who plan to purchase an Apple Watch. |
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Friday, September 4, 2015, 11:14 AM — by Rob DeFrancesco, TechStock Radar |
Chart Watch: Mobileye |
Shares of Mobileye (MBLY, $51.36) failed at their first attempt to retake the 50-day moving average at $57.57. This morning, the stock dipped to $50.55. The 200-day moving average stands at $46.69. There is support from May/June in the $44 to $45 range. |
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Friday, September 4, 2015, 9:10 AM — by Rob DeFrancesco, TechStock Radar |
Canaccord Cuts Twitter Target |
Canaccord says Twitter (TWTR, $28.30) needs more product innovation (and simplification) followed by a marketing campaign focused on how to use the service (and why) in order to drive mass adoption.
While Canaccord is optimistic about the new Google (GOOGL) partnership (launched in May) related to real-time tweets showing up in search results because it could reinvigorate user growth, the firm reduces its Twitter price target to $40 from $45. |
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Thursday, September 3, 2015, 11:33 AM — by Rob DeFrancesco, TechStock Radar |
Chart Watch: Avago |
Shares of chipmaker Avago Technologies (AVGO, $126.50) earlier this week bounced off the 200-day moving average of $119.45 and are now trying to take out the 50-day moving average at $126.81. The RSI is rising from 53.8. There is short-term resistance at $128.04. |
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Thursday, September 3, 2015, 9:02 AM — by Rob DeFrancesco, TechStock Radar |
Piper Jaffray Remains Bullish On FireEye |
Piper Jaffray reiterates its FireEye (FEYE, $37.47) price target of $60, saying the company has plenty of positive opportunities ahead of it, including an expanded partnership with Visa. A new subscription security service (expected to be announced in October) will be sold to Visa’s customer base, according to the firm. |
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Wednesday, September 2, 2015, 4:38 PM — by Rob DeFrancesco, TechStock Radar |
Argus Sets PayPal Target at $42 |
Argus starts coverage of PayPal (PYPL, $35.07) at ‘Buy’ with a price target of $42, saying the company’s strong competitive position (in the U.S. and worldwide) will enable it to take advantage of the changing payments landscape.
The firm sees PayPal benefiting from greater adoption of mobile devices used for payments and the technological integration of various payment types/channels.
The stock has rebounded nearly 17% from the August 24 low of $30. |
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Wednesday, September 2, 2015, 11:10 AM — by Rob DeFrancesco, TechStock Radar |
Chart Watch: Netflix |
Netflix (NFLX, $103.21) shares this morning failed on their first attempt to retake the 50-day moving average at $108.81, quickly retreating from an early high of $109.50.
There is short-term support at $101.50. The 200-day moving average continues to trend upward from $77.37. |
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Wednesday, September 2, 2015, 9:04 AM — by Rob DeFrancesco, TechStock Radar |
Baird Remains Positive on GoPro |
Baird reiterates its GoPro (GPRO, $43.69) price target of $70, saying it believes the company’s positive long-term growth story merits more weight than any near-term timing issues related to product introduction cadence. |
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Tuesday, September 1, 2015, 10:06 AM — by Rob DeFrancesco, TechStock Radar |
Chart Watch: GoPro |
Shares of GoPro (GPRO, $43.11) this morning are down more than 7% on heavy volume. Earlier, the stock dipped to $42.30, below last week’s low of $42.75.
The RSI has fallen to 24.3. Both the 50-day and 200-day moving averages are trending downward. |
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Tuesday, September 1, 2015, 9:21 AM — by Rob DeFrancesco, TechStock Radar |
Piper Jaffray Upgrades CyberArk |
Piper Jaffray upgrades CyberArk Software (CYBR, $51.05) to ‘Overweight’ with a price target of $70, saying the company is benefiting from cybersecurity spending priorities now more focused inside the firewall. |