Companies in the Technology sector have received a lot of coverage today as analysts weigh in on Mercadolibre (MELI), KVH Industries (KVHI) and ServiceNow (NOW).
Mercadolibre (MELI)
Stifel Nicolaus analyst Scott Devitt maintained a Hold rating on Mercadolibre on May 3 and set a price target of $560. The company’s shares closed yesterday at $567.69, close to its 52-week high of $589.56.
Devitt noted:
“We are raising our estimates and taking our price target to $560 based on our SoTP analysis.”
According to TipRanks.com, Devitt is a top 100 analyst with an average return of 22.2% and a 71.6% success rate. Devitt covers the Technology sector, focusing on stocks such as Jumia Technologies AG, Lyft Inc Class A, and Eventbrite Inc.
Mercadolibre has an analyst consensus of Moderate Buy, with a price target consensus of $577.29, which is a 1.7% upside from current levels. In a report issued on May 3, Susquehanna also upgraded the stock to Hold.
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KVH Industries (KVHI)
In a report issued on May 3, James McIlree from Chardan Capital reiterated a Buy rating on KVH Industries, with a price target of $20. The company’s shares closed yesterday at $9.92, close to its 52-week low of $9.16.
McIlree noted:
“We expect a couple million in revenue from this product this year and ramping sharply in the years to come as the autonomous vehicle market grows and as KVH upgrades its current product line.”
According to TipRanks.com, McIlree is a 1-star analyst with an average return of -2.8% and a 44.2% success rate. McIlree covers the Consumer Goods sector, focusing on stocks such as Foresight Autonomous Holdings Ltd, Vuzix Corporation, and KEYW Holding.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for KVH Industries with a $13 average price target, a 31.0% upside from current levels. In a report issued on May 2, Needham also maintained a Buy rating on the stock with a $13 price target.
ServiceNow (NOW)
Northland Securities analyst Tim Klasell maintained a Buy rating on ServiceNow today and set a price target of $280. The company’s shares closed yesterday at $269.75, close to its 52-week high of $273.82.
Klasell wrote:
“We also point to the growing importance/potential for inorganic expansion of the NOW product suite. Mentioned during the analyst day, the late 2017 acquisition of SkyGiraffe was utilized as the backbone of a revamped digital experience. We think inorganic growth will likely be a factor in maintaining the high growth investors have come to expect from NOW. Financial Details While specific forward-looking detail was not provided given the upcoming transition in CFO, management continues to make clear that RPO (current and noncurrent) will be emphasized going forward instead of billings. The change was spurred by 606 adoption and RPO’s ability to normalize for duration which is a moving target for NOW and is less impactged by seasonality.”
According to TipRanks.com, Klasell is a 5-star analyst with an average return of 21.8% and a 73.6% success rate. Klasell covers the Technology sector, focusing on stocks such as Tyler Technologies, Zix Corporation, and Proofpoint Inc.
ServiceNow has an analyst consensus of Strong Buy, with a price target consensus of $281.48, representing a 4.3% upside. In a report issued on April 23, Needham also maintained a Buy rating on the stock with a $267 price target.
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