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Tech Stocks Sharply Higher in Strong Rebound; Canaccord Increases Apple Price Target by 8% to $660 Per Share

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Technology stocks were rebounding Thursday following two days of declines with shares of technology companies in the S&P 500 adding about 1.1% this afternoon.

In company news, Apple ( AAPL ) shares were narrowly higher Thursday after Canaccord Genuity raised its price target for the tech giant by $50 to $660 a share.

In a new research note obtained by AppleInsider, Canaccord analyst Michael Walkley cited a recent survey of smartphone users conducted by his firm finding the iPhone 5s was the top seller both in the U.S. and several global channels.

The survey also found that customers are increasingly opting for early upgrade programs, and are showing a greater propensity toward more expensive smartphones when enrolling in such programs, Walkley said.

AAPL shares were up 0.1% at $593.02 each in recent trade, earlier advancing to a session high of $693.53 a share. The stock Wednesday rose to a new 52-week high of $604.41 a share and was up nearly 13% since April 23 through Wednesday's close after the company announced reported better-than-expected Q2 results, an 8% increase in its quarterly dividend and plans for 7-for-1 stock split - likely setting it up to join the Dow Industrials index.

In other sector news,

(+) SNDK, (+3.5%) Upgrade to Neutral from Reduce at Nomura and raised to Strong Buy from Outperform at Raymond James. Moves follow the company's late Wednesday boosting its quarterly dividend by 33% to $0.30 per share, starting in Q3.

(-) TDC, (-9.3%) Sees FY14 EPS near the bottom of forecast range of $2.85 to $3.00. Expects revenue growth of 3% to 7%, or $2.77 bln to $2.88 bln. Street is at $2.92 per share on $2.83 bln in revenue. Q1 results top analyst projections.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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