Tech stocks are making a killing in the market this year. "If you can buy a good technology company… at 14 times earnings with a good yield, we think you’re going to do well,” said Matrix Advisors president and chief investment officer David Katz on CNBC’s ‘Power Lunch.’ Which plays from the technology sector stand out?
Here, we used TipRanks’ market data to discover tech stocks backed by the best 100 analysts on Wall Street in any industry. Each of the best performing analysts we tracked earns a profit on the stocks below. Also, we’ve pinpointed stocks that showcase a ‘Buy’ consensus rating.
What stock picks do Wall Street’s highest-ranked analysts say you should be adding to your portfolio? Let’s find out.
Tech empire Apple (AAPL) just landed among RBC Capital’s “Imagine: 2025” portfolio report choosing 75 killer stocks for the long-term. In the last 3 months, the ‘Moderate Buy’ stock has received 13 buy ratings. Consensus expectations go the bulls, pointing to 5% in upside potential ahead for Apple. See AAPL Target Price and Analyst Ratings Detail.
Top analyst Amit Daryanani of RBC Capital crushes the market when he bets on Apple, realizing 30.8% in average profits on the stock. With a 96% success rate for the big AAPL machine, it seems to be an easy pick for Daryanani to choose Apple as a wise bet come 2025. By then, the analyst sees an evolution unfolding for Apple: device to full-fledged services company. In two years, Daryanani calls for Services to become a business worth a monster $50 billion. (See Amit Daryanani’s other stock recommendations)
“AAPL services could leverage how intimately they know their consumer to provide valuable, personalized and highly curated services,” predicts Daryanani, who believes: “By 2025 we could see the 1st generation that has grown up on iOS with their entire digital footprint on AAPL!”
The analyst reiterates an Outperform rating on AAPL stock with a $210 price target (10% upside potential- twice as much as what consensus anticipates).
Chip giant Qualcomm (QCOM) may finally have its long-anticipated NXPI acquisition in grasp. The ‘Moderate Buy’ semiconductor play has drawn 6 buy ratings over the past 3 months. While 6 analysts stay on the sidelines, consensus expectations shine strong overall. The 12-month average price target stands tall at $64.70, marking 11% in return potential for Qualcomm. See QCOM Target Price and Analyst Ratings Detail.
Top analyst Vijay Rakesh of Mizuho sounds off as a QCOM bull who bets that the “QCOM-NXPI deal is entering the final stretch.” What are the odds on closing this agreement? “Deal approval could go either way,” Rakesh says, adding: “While QCOM could push out the deadline, we believe NXPI is in limbo and potentially wants closure to boost employee morale.”
Notably, Vijay Rakesh has an impressive ranking of #42 out of over 48,800 analysts on Wall Street. The analyst rates QCOM a Buy with $64 price target (10% upside potential). (See Vijay Rakesh’s other stock recommendations)
Cloud content management leader Box Inc (BOX) is a ‘Moderate Buy’ stock that has two top 100 analysts on the Street as bulls. In the last three months, Box has received 5 buy ratings. Averaging the 12-month target expectations around the Street, analysts expect roughly 7% in return potential for the tech company.
One top analyst recently raised already bullish expectations on Box. Canaccord’s Richard Davis is not only a five-star analyst, but currently, Davis leads as the #1 best performing analyst on the Street. Davis hiked his 12-month price target on Box from $20 to $25 (9% upside potential).
Considering Davis scoops 33.5% in average profits when he recommends Box, it’s no wonder he believes the stock can soar even more from current levels. Look for Box Inc to hit $30 to $33 within the next year to year and a half, considering the company’s 2020 revenue targets. Box believes it can reach $1 billion in revenues- and Davis says this is achievable. (See Richard Davis’ other stock recommendations)