Analysts Are Bullish on These Technology Stocks: Mercadolibre (MELI), ServiceNow (NOW)

By Jason Carr

There’s a lot to be optimistic about in the Technology sector as 3 analysts just weighed in on Mercadolibre (MELIResearch Report), ServiceNow (NOWResearch Report) and Rapid7 (RPDResearch Report) with bullish sentiments.

Mercadolibre (MELI)

Barclays analyst Deepak Mathivanan maintained a Buy rating on Mercadolibre on May 3 and set a price target of $615. The company’s shares closed on Friday at $578.94, close to its 52-week high of $589.56.

According to TipRanks.com, Mathivanan is a 5-star analyst with an average return of 23.4% and a 69.2% success rate. Mathivanan covers the Technology sector, focusing on stocks such as Wix.com Ltd, Yelp Inc, and GrubHub.

Mercadolibre has an analyst consensus of Moderate Buy, with a price target consensus of $553, which is a -4.5% downside from current levels. In a report issued on May 1, Piper Jaffray also maintained a Buy rating on the stock with a $504 price target.

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ServiceNow (NOW)

In a report issued on May 3, Raimo Lenschow from Barclays maintained a Buy rating on ServiceNow, with a price target of $342. The company’s shares closed on Friday at $268.52, close to its 52-week high of $273.82.

According to TipRanks.com, Lenschow is a top 25 analyst with an average return of 21.9% and a 78.2% success rate. Lenschow covers the Technology sector, focusing on stocks such as Ceridian HCM Holding Inc, SolarWinds Corporation, and Cornerstone Ondemand.

ServiceNow has an analyst consensus of Strong Buy, with a price target consensus of $278.52, a 3.7% upside from current levels. In a report issued on April 18, Piper Jaffray also maintained a Buy rating on the stock with a $260 price target.

Rapid7 (RPD)

Barclays analyst Saket Kalia maintained a Buy rating on Rapid7 on May 3 and set a price target of $65. The company’s shares closed on Friday at $52.46, close to its 52-week high of $57.

According to TipRanks.com, Kalia is a 5-star analyst with an average return of 14.8% and a 62.5% success rate. Kalia covers the Technology sector, focusing on stocks such as CyberArk Software, Varonis Systems, and Pluralsight Inc.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Rapid7 with a $59.73 average price target, implying a 13.9% upside from current levels. In a report issued on April 29, Needham also maintained a Buy rating on the stock with a $60 price target.

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