There’s a lot to be optimistic about in the Technology sector as 2 analysts just weighed in on Alibaba Group (NYSE: BABA) and Adobe (NASDAQ: ADBE) with bullish sentiments.
Alibaba Group (NYSE: BABA)
Stifel Nicolaus analyst Scott Devitt reiterated a Buy rating on Alibaba Group (NYSE: BABA) today and set a price target of $139. The company’s shares opened today at $116.31, close to its 52-week high of $124.34.
Devitt said:
“We remain positive on Alibaba shares as the company continues to execute in core commerce and invests in key focus areas to support long term growth.”
According to TipRanks.com, Devitt is a top 100 analyst with an average return of 19.4% and a 73.7% success rate. Devitt covers the Technology sector, focusing on stocks such as IAC/InterActiveCorp, Informatica Corp, and LendingClub Corp.
Currently, the analyst consensus on Alibaba Group is Strong Buy and the average price target is $128.63, representing a 10.6% upside.
In a report issued on May 8, Nomura also assigned a Buy rating to the stock with a $135 price target.
Adobe (NASDAQ: ADBE)
BMO Capital analyst Keith Bachman reiterated a Buy rating on Adobe (NASDAQ: ADBE) today and set a price target of $140. The company’s shares opened today at $132.77, close to its 52-week high of $138.39.
According to TipRanks.com, Bachman is a 5-star analyst with an average return of 13.2% and a 68.5% success rate. Bachman covers the Technology sector, focusing on stocks such as Hewlett Packard Enterprise, Electronics for Imaging, and Palo Alto Networks.
Adobe has an analyst consensus of Strong Buy, with a price target consensus of $142.79.
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