There’s a lot to be optimistic about in the Technology sector as 3 analysts just weighed in on AppLovin (APP – Research Report), Arista Networks (ANET – Research Report) and Cadence Design (CDNS – Research Report) with bullish sentiments.
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AppLovin (APP)
In a report released yesterday, Jason Bazinet from Citi maintained a Buy rating on AppLovin, with a price target of $600.00. The company’s shares closed last Tuesday at $496.00, close to its 52-week high of $525.15.
According to TipRanks.com, Bazinet is a 5-star analyst with an average return of 13.9% and a 62.3% success rate. Bazinet covers the NA sector, focusing on stocks such as Interpublic Group of Companies, Endeavor Group Holdings Inc, and Live Nation Entertainment.
AppLovin has an analyst consensus of Strong Buy, with a price target consensus of $512.53, implying a -0.3% downside from current levels. In a report issued on February 10, Piper Sandler also maintained a Buy rating on the stock with a $400.00 price target.
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Arista Networks (ANET)
In a report released yesterday, Atif Malik from Citi maintained a Buy rating on Arista Networks, with a price target of $121.00. The company’s shares closed last Tuesday at $111.06.
According to TipRanks.com, Malik is a top 25 analyst with an average return of 32.7% and a 72.5% success rate. Malik covers the Technology sector, focusing on stocks such as Skyworks Solutions, Applied Materials, and Universal Display.
Currently, the analyst consensus on Arista Networks is a Strong Buy with an average price target of $123.89, a 13.6% upside from current levels. In a report issued on February 6, Morgan Stanley also maintained a Buy rating on the stock with a $118.00 price target.
Cadence Design (CDNS)
Wells Fargo analyst Joseph Quatrochi maintained a Buy rating on Cadence Design yesterday and set a price target of $350.00. The company’s shares closed last Tuesday at $300.43.
According to TipRanks.com, Quatrochi is a 5-star analyst with an average return of 17.5% and a 62.1% success rate. Quatrochi covers the Technology sector, focusing on stocks such as ARM Holdings PLC ADR, Allegro MicroSystems, and NXP Semiconductors.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Cadence Design with a $341.25 average price target, which is a 14.9% upside from current levels. In a report issued on February 11, Needham also maintained a Buy rating on the stock with a $325.00 price target.
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