Wall Street Analysts Are Bullish on Top Technology Picks

There’s a lot to be optimistic about in the Technology sector as 2 analysts just weighed in on Equinix (NASDAQ: EQIX) and Adobe (NASDAQ: ADBE) with bullish sentiments.

Equinix (NASDAQ: EQIX)

Canaccord Genuity analyst Paul Morgan reiterated a Buy rating on Equinix (NASDAQ: EQIX) on December 15 and set a price target of $420. The company’s shares opened today at $355.17.

Morgan wrote:

“We reiterate our BUY rating, as EQIX remains one of our favorite REITs heading into 2017. Takeaways from our HQ meeting include: Reported €1B term loan fills in funding gap for VZ deal. Upon announcing the Verizon transaction, Equinix disclosed a $2B bridge facility, with permanent financing to be evaluated after signing the deal – which requires three-year historical financials that weren’t yet available at the time. We believe investors see substantial merit in the acquisition (esp. the dominant Miami and DC assets that represent the majority of portfolio revenues); however, the market’s reception was muted in part by the funding gap associated with the $3.6B deal.”

According to TipRanks.com, Morgan is a 4-star analyst with an average return of 6.0% and a 60.1% success rate. Morgan covers the Financial sector, focusing on stocks such as Preferred Apartment Communities, Retail Opportunity Investments, and New Senior Investment Group.

Currently, the analyst consensus on Equinix is Moderate Buy and the average price target is $403.40, representing a 13.6% upside.

In a report issued on December 6, Oppenheimer also reiterated a Buy rating on the stock with a $420 price target.
Adobe (NASDAQ: ADBE)

In a report issued on December 15, Richard Davis from Canaccord Genuity reiterated a Buy rating on Adobe (NASDAQ: ADBE), with a price target of $125. The company’s shares opened today at $105.50, close to its 52-week high of $111.09.

According to TipRanks.com, Davis is a 5-star analyst with an average return of 8.1% and a 55.2% success rate. Davis covers the Technology sector, focusing on stocks such as Bottomline Technologies, Nuance Communications, and Ultimate Software.

Currently, the analyst consensus on Adobe is Moderate Buy and the average price target is $121.55, representing a 15.2% upside.

In a report issued on December 7, Cowen & Co. also reiterated a Buy rating on the stock with a $120 price target.