Analysts’ Top Technology Picks: PSTG, MX

By Ryan Adsit

There’s a lot to be optimistic about in the Technology sector as 3 analysts just weighed in on Pure Storage Inc (NYSE: PSTG), MagnaChip (NYSE: MX) and Resaas Services Inc (Other OTC: RSASF) with bullish sentiments.

Pure Storage Inc (NYSE: PSTG)

BMO Capital analyst Tim Long reiterated a Buy rating on Pure Storage Inc (NYSE: PSTG) yesterday and set a price target of $15. The company’s shares opened today at $12.68.

According to TipRanks.com, Long is a 5-star analyst with an average return of 16.0% and a 69.0% success rate. Long covers the Technology sector, focusing on stocks such as Brocade Communication Systems Inc, Comtech Telecommunications, and Hewlett Packard Enterprise.

Currently, the analyst consensus on Pure Storage Inc is Moderate Buy and the average price target is $15.56, representing a 22.7% upside.

In a report released today, Oppenheimer also reiterated a Buy rating on the stock with a $15 price target.
MagnaChip (NYSE: MX)

Roth Capital analyst Sujeeva De Silva reiterated a Buy rating on MagnaChip (NYSE: MX) today and set a price target of $11. The company’s shares opened today at $9.20.

De Silva noted:

“We believe MX represents an investment opportunity as a differentiated display and foundry vendor benefitting from improving customer momentum. We hosted management meetings with investors and have increasing confidence in the company’s growth potential and opportunity to improve profitability . We believe recent restructuring efforts remain on track and can drive steadily improving profitability in the coming quarters.”

According to TipRanks.com, Silva is a top 100 analyst with an average return of 20.0% and a 66.1% success rate. Silva covers the Technology sector, focusing on stocks such as Semiconductor Manufacturing, Adesto Technologies Corp, and Advanced Micro Devices.

MagnaChip has an analyst consensus of Moderate Buy, with a price target consensus of $10.50.

Resaas Services Inc (Other OTC: RSASF)

In a report released today, Richard Baldry from Roth Capital reiterated a Buy rating on Resaas Services Inc (Other OTC: RSASF), with a price target of $2.35. The company’s shares closed yesterday at $0.90, close to its 52-week low of $0.89.

According to TipRanks.com, Baldry is a 5-star analyst with an average return of 16.7% and a 68.8% success rate. Baldry covers the Technology sector, focusing on stocks such as Sapiens International Corporation, Interactive Intelligence, and Callidus Software.

Resaas Services Inc has an analyst consensus of Moderate Buy, with a price target consensus of $2.35.

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