Updated from 2:34 p.m. EDT with new stock prices
Tech stocks were up Monday in part by favorable research notes on companies such as
Shares of Amazon.com soared $5.83, or 7.6%, to $82.29 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.
gained 74 cents, or 2.3%, to $32.53 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.
were up 75 cents, or 3.5%, to $22.43. The company and CEO Larry Ellison were featured in a largely flattering
in this week's
magazine, which said many investors do not understand the full potential of the company's operations and the value of the stock.
shed $1.17, or 2.4%, to $48.43 after it extended it tender offer for rival
to June 16. Shares of Take-Two fell 19 cents, or 0.7%, to $26.91.
shed 86 cents, or 2.1%, to $39.47 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
shed $2.67, or 5.3%, to $47.35 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.