Equities have continued their plunge into bear market territory, and none have been feeling it worse than tech stocks. While investors are looking for safe havens to ride out the bear market, there are plenty of beaten-up tech stocks that are expected recover handily through the rest of the year, at least according to this major Wall Street brokerage house.<\/p>\n
Canaccord Genuity initiated a series of calls with a focus on the tech sector. Each call is incredibly positive, forecasting massive upside in both the near and long term. Kingsley Crane was the lead analyst on the call.<\/p>\n
It is important to remember that no single analyst report should be used as a sole basis for any buying or selling decision.\n<\/p>\n
On Datadog Inc. (NASDAQ: DDOG), Canaccord Genuity initiated coverage with a Hold rating and a $120 price target. That implies upside of 11% from the most recent closing price of $108.03. While Crane likes Datadog\u2019s underlying platform architecture and prospects to grow in the logging market, he sees \u201clittle margin for error\u201d given the stock\u2019s current valuation.<\/p>\n
The stock traded around $96 Tuesday, in a 52-week range of $81.12 to $199.68. Shares are down over 42% year to date.<\/p>\n
Crane started coverage of New Relic Inc. (NYSE: NEWR) with a Buy rating and an $81 price target, implying upside of 55% from the most recent closing price of $52.24. New Relic is a \u201cnewly empowered company with a fresh take on observability\u201d that collects and analyzes data to provide better insight into customers\u2019 tech stacks. Crane noted that this company offers a \u201cstellar product at an attractive value compared to competitors is driving net revenue retention higher.\u201d He thinks the shares are \u201csimply too cheap\u201d for a \u201cdurable\u201d 20% top-line grower.<\/p>\n
New Relic stock has a 52-week trading range of $41.66 to $129.70, and it traded near $52 a share on Tuesday. The stock is down 51% year to date.\n\t\t<\/p>\n
Canaccord Genuity started PagerDuty Inc. (NYSE: PD) with a Buy rating and a $32 price target, implying upside of 23% from the most recent closing price of $26.06. The analyst thinks PagerDuty\u2019s mission-critical nature creates an advantageous position during pricing conversations. Despite a steady stream of new entrants, the company continues to defend its position as the market leader in on-call management, Crane details in the note. Ultimately, he views PagerDuty\u2019s breakeven free cash flow profile and steadily expanding margins as encouraging.<\/p>\n
The stock traded at around $26 on Tuesday, in a 52-week range of $21.72 to $50.33. Shares are down over 23% year to date.<\/p>\n
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