There’s a lot to be optimistic about in the Technology sector as 3 analysts just weighed in on Sprout Social (SPT), ON Semiconductor (ON) and MagnaChip (MX) with bullish sentiments.
Sprout Social (SPT)
In a report released yesterday, Scott Berg from Needham assigned a Buy rating to Sprout Social, with a price target of $52.00. The company’s shares closed last Tuesday at $52.01, close to its 52-week high of $56.65.
According to TipRanks.com, Berg is a top 25 analyst with an average return of 31.0% and a 75.0% success rate. Berg covers the Technology sector, focusing on stocks such as GTY Technology Holdings, BigCommerce Holdings, and Cornerstone Ondemand.
Sprout Social has an analyst consensus of Strong Buy, with a price target consensus of $54.75.
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ON Semiconductor (ON)
Rosenblatt Securities analyst Kevin Cassidy maintained a Buy rating on ON Semiconductor yesterday and set a price target of $44.00. The company’s shares closed last Tuesday at $36.41, close to its 52-week high of $36.60.
According to TipRanks.com, Cassidy is a 5-star analyst with an average return of 25.7% and a 72.1% success rate. Cassidy covers the Technology sector, focusing on stocks such as Smart Global Holdings, Skyworks Solutions, and Western Digital.
Currently, the analyst consensus on ON Semiconductor is a Strong Buy with an average price target of $35.86, a -1.3% downside from current levels. In a report issued on December 28, Mizuho Securities also maintained a Buy rating on the stock with a $36.00 price target.
MagnaChip (MX)
Needham analyst Rajvindra Gill reiterated a Buy rating on MagnaChip yesterday and set a price target of $25.00. The company’s shares closed last Tuesday at $18.41.
According to TipRanks.com, Gill is a 5-star analyst with an average return of 10.7% and a 65.0% success rate. Gill covers the Technology sector, focusing on stocks such as Sequans Communications S A, Smart Global Holdings, and Everspin Technologies.
MagnaChip has an analyst consensus of Moderate Buy, with a price target consensus of $23.00, representing a 30.9% upside. In a report issued on January 7, Oppenheimer also initiated coverage with a Buy rating on the stock with a $21.00 price target.
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