Monday's Tech Winners & Losers: Amazon.com
Tech stocks were up Monday in part by favorable research notes on companies such as
Amazon.com
(AMZN) - Get Report
and
Texas Instruments
(TXN) - Get Report
.
Shares of
Amazon.com
(AMZN) - Get Report
soared $8.04, or 10.5%, to $84.49 after James Mitchell, an analyst at Goldman Sachs added the stock to the firm's 'Americas Conviction Buy' list.
Mitchell also raised his six-month price target on the stock to $98 from $75. Based on the company's online-offline expansion strategy, the demand for its electronic book reader Kindle, and share gains in a growing online retail market, Mitchell said he estimates Amazon can sustain more than 20% year on year unit growth over five to 10 years.
Texas Instruments
(TXN) - Get Report
gained 81 cents, or 2.5%, to $32.60 after a Citgroup analyst upgraded the stock to buy from hold. Analyst Glen Yeung also added TI to his 'Top Picks Live' list and raised the price target to $39 from $31. Chip orders are likely to pick up in the second half of 2008, driven by new product launches, he said.
Shares of
Oracle
(ORCL) - Get Report
were up 94 cents, or 4.3%, to $22.62. The company and CEO Larry Ellison were featured in a largely flattering
in this week's
Barron's
magazine, which said many investors do not understand the full potential of the company's operations and the value of the stock.
Video-games publisher
Electronic Arts
(ERTS)
shed 64 cents, or 1.3%, to $48.97 after it extended it tender offer for rival
Take-Two
(TTWO) - Get Report
yet again
to June 16. Shares of Take-Two fell 30 cents, or 1.1%, to $26.80.
Akamai
(AKAM) - Get Report
shed 44 cents, or 1.1%, to $39.89 after an analyst at Citigroup downgraded the stock to hold from buy, saying the risk-reward ratio for potential investors is less compelling now that the stock has moved within 4% of the analyst' price target of $42.
GPS-based navigation devices maker
Garmin
(GRMN) - Get Report
shed $1.39, or 2.8%, to $48.63 after an analyst at Needham downgraded the stock to hold from the buy. Garmin shares have exceeded the analyst's price of $48 even as the uncertainty around the personal navigation devices market continues weighing down on the stock.