There’s a lot to be optimistic about in the Technology sector as 2 analysts just weighed in on Alibaba Group (NYSE: BABA) and Applied Materials (NASDAQ: AMAT) with bullish sentiments.
Alibaba Group (NYSE: BABA)
Needham analyst Kerry Rice reiterated a Buy rating on Alibaba Group (NYSE: BABA) today and set a price target of $140. The company’s shares closed yesterday at $121.27, close to its 52-week high of $124.34.
According to TipRanks.com, Rice is a 5-star analyst with an average return of 10.5% and a 61.5% success rate. Rice covers the Technology sector, focusing on stocks such as MaxPoint Interactive, IAC/InterActiveCorp, and Dolby Laboratories.
Currently, the analyst consensus on Alibaba Group is Strong Buy and the average price target is $132.40, representing a 9.2% upside.
In a report issued on May 10, Barclays also maintained a Buy rating on the stock with a $132 price target.
Applied Materials (NASDAQ: AMAT)
Needham analyst Edwin Mok reiterated a Buy rating on Applied Materials (NASDAQ: AMAT) today and set a price target of $54. The company’s shares closed yesterday at $43.91, close to its 52-week high of $45.08.
According to TipRanks.com, Mok is a 5-star analyst with an average return of 15.3% and a 65.0% success rate. Mok covers the Technology sector, focusing on stocks such as Advanced Energy Industries, SolarEdge Technologies, and Axcelis Technologies.
Currently, the analyst consensus on Applied Materials is Moderate Buy and the average price target is $46.56, representing a 6.0% upside.
In a report issued on May 15, Citigroup also reiterated a Buy rating on the stock with a $50 price target.
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