There’s a lot to be optimistic about in the Technology sector as 2 analysts just weighed in on Cerence (CRNC) and Rackspace Technology (RXT) with bullish sentiments.
Cerence (CRNC)
In a report released today, Rajvindra Gill from Needham assigned a Buy rating to Cerence, with a price target of $155.00. The company’s shares closed last Monday at $88.72.
According to TipRanks.com, Gill is a 5-star analyst with an average return of 14.4% and a 64.4% success rate. Gill covers the Technology sector, focusing on stocks such as Sequans Communications S A, Everspin Technologies, and Smart Global Holdings.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Cerence with a $117.40 average price target, implying a 32.1% upside from current levels. In a report released yesterday, Raymond James also reiterated a Buy rating on the stock with a $115.00 price target.
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Rackspace Technology (RXT)
In a report released yesterday, Amit Daryanani from Evercore ISI maintained a Buy rating on Rackspace Technology, with a price target of $26.00. The company’s shares closed last Monday at $24.02.
According to TipRanks.com, Daryanani is a 5-star analyst with an average return of 20.2% and a 67.0% success rate. Daryanani covers the Technology sector, focusing on stocks such as International Business Machines, Hewlett Packard Enterprise, and Dell Technologies.
Currently, the analyst consensus on Rackspace Technology is a Strong Buy with an average price target of $27.08, representing a 13.5% upside. In a report released yesterday, Oppenheimer also maintained a Buy rating on the stock with a $28.00 price target.
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