There’s a lot to be optimistic about in the Technology sector as 2 analysts just weighed in on GoDaddy (NYSE: GDDY) and Alphabet Inc (NASDAQ: GOOGL) with bullish sentiments.
GoDaddy (NYSE: GDDY)
SunTrust Robinson analyst Naved Khan reiterated a Buy rating on GoDaddy (NYSE: GDDY) yesterday and set a price target of $80. The company’s shares opened today at $68.99, close to its 52-week high of $69.71.
Khan said:
“We note that excluding HEG, top line grew ~15% Y/Y and was up 13% Y/Y organically and excluding contribution from domain aftermarket. Subscriber and ARPU growth above expectations. The company added 366K net new subscribers in 1Q, exceeding consensus expectations of 291K. Monthly ARPU (GAAP) was up 10.0% Y/Y vs. our expectation for 8.5%. Accelerating growth across and Hosting. Business Applications rev grew 44% in 1Q18 vs. 38% in 4Q, Domain revenue (46% of revs) grew 21% Y/Y (vs. 16% in 4Q), while Hosting/Presence (38% of revs) was up 34.5% (vs. 30% in 4Q). Domain revenue is expected to grow ~double-digit clip, faster than subscriber growth near term, which we believe reflects improved renewal rates as well as the company’s ability to package Domain with other products.”
According to TipRanks.com, Khan is a 5-star analyst with an average return of 22.4% and a 77.6% success rate. Khan covers the Technology sector, focusing on stocks such as Endurance International, Webcom Group, and Wix.com Ltd.
Currently, the analyst consensus on GoDaddy is Strong Buy and the average price target is $72, representing a 4.4% upside.
In a report released today, Oppenheimer also maintained a Buy rating on the stock with a $80 price target.
See today’s analyst top recommended stocks >>
Alphabet Inc (NASDAQ: GOOGL)
In a report released yesterday, Colin Sebastian from Robert W. Baird maintained a Buy rating on Alphabet Inc (NASDAQ: GOOGL), with a price target of $1300. The company’s shares opened today at $1088.95.
According to TipRanks.com, Sebastian is a top 25 analyst with an average return of 25.4% and a 76.4% success rate. Sebastian covers the Technology sector, focusing on stocks such as Paypal Holdings, ChannelAdvisor, and Facebook Inc.
Currently, the analyst consensus on Alphabet Inc is Strong Buy and the average price target is $1264.35, representing a 16.1% upside.
In a report issued on April 23, Credit Suisse also reiterated a Buy rating on the stock with a $1350 price target.
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