Here are some of the top midday stock movers in tech for Monday, July 20. Stocks broadly were mixed, with the Dow Jones Industrial Average down as the tech-heavy Nasdaq index jumped 1.24%.
Shares of Amazon (AMZN) - Get Report surged 5.4% to $3,121.78. In a note, Jefferies analyst Brent Thill raised his price target for Amazon shares to $3,800 from $3,100, writing that Amazon and other e-commerce services are poised for elevated growth in June and July, and that "behavioral changes brought about by the pandemic [have] permanently increased online consumption." In a separate note, Goldman Sachs analyst Heath Terry raised his price target on Amazon to $3,800 from $3,000, writing that "the shift to online could remain elevated over the coming quarters" given a number of factors, including retail bankruptcies and store closures.
Etsy (ETSY) - Get Report shares were up 3.6% to $106.44. Jefferies's Brent Thill posited that Etsy and Amazon "are best positioned to benefit over the long-term from behavioral changes resulting from the pandemic." He raised his price target for Etsy shares to $125 from $110.
Shares of Citrix (CTXS) - Get Report surged 6.1% to $165.39. Calling it a "forgotten [work-from-home] winner," Barclays analyst Raimo Lenschow upgraded Citrix stock from equal-weight to overweight. Lenschow wrote that the work-from-home environment will lead to "higher industry growth for longer" and create a path for improved free cash flow.
Shares of Adobe (ADBE) - Get Report surged 4.8% to $453.12 amid an uptick in the Nasdaq that particularly lifted high-growth software stocks. For the quarter ending in August, analysts are expecting Adobe to report earnings of $2.41 a share and revenue of $3.16 billion on average. Adobe shares are up 35% year to date.
Microsoft (MSFT) - Get Report was up 2.7% to $208.45 ahead of its latest earnings release on Wednesday. Two analysts upgraded their price targets for Microsoft shares on bullish sentiment for the June quarter. Raymond James analyst Robert Majek raised his stock price target to $225 from $208, writing that healthy adoption of Office 365 and Azure, and "strong" consumer spend in gaming, could create revenue upside.