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4 Upgrades In Big Tech Moving The Markets Now

Tech is the new normal, we live it, breathe and love it, for the most part, it isn't going anywhere and neither are consumers. While price action may be down it won't stay down for long and these upgrades highlight what we mean. .

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This story originally appeared on MarketBeat

The Tech Pullback Is A Buying Opportunity

While some may fret over the recent pullback in tech shares we recognize it for what it is. A sector rotation and buying opportunity for long-term investors. Tech shares are down on fear of slowing growth, fears spurred by rising interest rates, and their growth may slow but it won't end. Tech is the new normal, we live it, breathe and love it, for the most part, it isn't going anywhere and neither are consumers. While price action may be down it won't stay down for long and these upgrades highlight what we mean.

Depositphotos.com contributor/Depositphotos.com via MarketBeat

A New Road To Growth For Twitter

Love it or hate it Twitter (NYSE: TWTR) is here and it is on track to grow. In fact, the analysts at Truist not only see this company growing with a CAGR in the 20% range they are upping their targets based on the new road map. Analyst Yousef Squali upped the stocks rating to buy from hold and giving a $74 price target on what he calls "the most exciting product roadmap we've ever seen out of the company with Topics, Fleets etc, on the back of recent tangible tech platform and operational improvements." The new valuation assumes a 25% CAGR, up from 20%, and one that may accelerate more if Twitter's effort gain traction. Shares of the stock are up more than 5.0% on the news and confirming support at the bottom of February's price gap.

Four Upgrades In Big Tech Moving The Markets Now

Amazon Is King In Two Courts

Amazon (NASDAQ: AMZN) is the hands-down winner of eCommerce. There are lots of other winners, would-be princes in the realm, but none of them will produce the world's richest man the way Amazon did for Jeff Bezos. Amazon is also a winner in the technology and tech-infrastructure sphere although many have no idea the websites and cloud functions they rely on are served by AWS. and the company is still growing because eCommerce is still growing and its cloud-focused AWS is accelerating along with the rest of the industry which is why JP Morgan Chase listed it as a top pick. According to them, the stock offers long-term sustainable growth at a "reasonable valuation". Shares of Amazon are mostly steady following the news and continue to show support near $3,000.

Four Upgrades In Big Tech Moving The Markets Now

Carvana A Hardlines Play Says Wells Fargo

Wells Fargo included Carvana (NYSE: CVNA) in a group of plays it says are well-positioned as hardline retailers. According to them, volatility in the hardlines segment has created a number of opportunities that investors should get aggressive with. In our view, this reinforces our position on Carvana as not only well-positioned within the booming used-car market but in the eCommerce space as well. The company is a near-pure play on eCommerce and auto sales and one that has seen robust growth in the wake of the pandemic. Shares of this stock are down following the press release but trading about the strong $240 support level.

Four Upgrades In Big Tech Moving The Markets Now

Micron, It All Starts With Chips

Micron (NASDAQ: MU) and the memory chip market are no longer suffering from oversupply and under-demand as it once was. The demand for memory chips, as predicted last year, has finally shifted in favor of the manufacturers and the analysts are taking notice. Longbow, for instance, maintained its buy rating and raised the price target by $24 or 25% to $120 based on an "underappreciated" uptick in pricing and downtick in cost that it expects will widen margin and deliver EPS 33% greater than current consensus. Morgan Stanley is also expecting a strong quarter driven by higher pricing and wider margins. Micron reports earnings on Wednesday, its shares are down in today's action but holding steady at the short-term EMA.

Four Upgrades In Big Tech Moving The Markets Now

Amazon.com is a part of the Entrepreneur Index, which tracks some of the largest publicly traded companies founded and run by entrepreneurs.

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