There’s a lot to be optimistic about in the Technology sector as 2 analysts just weighed in on Virtusa Corp (VRTU) and Adobe (ADBE) with bullish sentiments.
Virtusa Corp (VRTU)
In a report released today, Vincent Colicchio from Barrington maintained a Buy rating on Virtusa Corp, with a price target of $64. The company’s shares opened today at $40.52, close to its 52-week low of $38.67.
Colicchio commented:
“We expect Virtusa to continue to grow faster than many of its peers over the next few years due to better positioning. While many competitors are highly exposed to lower spending on application maintenance services, Virtusa should benefit from its heavy exposure and strengths in legacy application rationalization/modernization and digital transformation services.”
According to TipRanks.com, Colicchio is ranked 0 out of 5 stars with an average return of -10.7% and a 28.4% success rate. Colicchio covers the Technology sector, focusing on stocks such as Sykes Enterprises Inc, Exlservice Holdings, and Computer Task.
Currently, the analyst consensus on Virtusa Corp is a Strong Buy with an average price target of $61.60, implying a 52.0% upside from current levels. In a report issued on November 29, SunTrust Robinson also upgraded the stock to Buy with a $52 price target.
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Adobe (ADBE)
In a report released today, Keith Bachman from BMO Capital maintained a Buy rating on Adobe, with a price target of $300. The company’s shares opened today at $240.76.
According to TipRanks.com, Bachman is a 5-star analyst with an average return of 13.5% and a 59.5% success rate. Bachman covers the Technology sector, focusing on stocks such as DXC Technology Company, Infosys Limited, and Salesforce.com.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Adobe with a $290.76 average price target, which is a 20.8% upside from current levels. In a report issued on December 10, Citigroup also maintained a Buy rating on the stock with a $300 price target.
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