In these uncertain times, the tech sector has been one of the few areas that has proven resilient. And while some tech stocks have struggled in recent months, there are still some companies that have been performing well. Here are two tech stocks with upgrades and a positive outlook.
Positive Outlook for Two Tech Stocks
Zoom Video Communications (ZM)
Zoom Video Communications has become a household name in 2020. With remote work and online meetings becoming more common, the company’s video conferencing platform has seen an enormous surge in demand. The company reported a 355% increase in revenue for the second quarter of 2020 and raised its revenue guidance for the fiscal year. With many companies likely to continue remote work even after the pandemic subsides, Zoom has a positive outlook for the future.
Shopify is an e-commerce platform that has seen significant growth in recent years. The company reported a 97% increase in revenue for the second quarter of 2020, driven by a surge in online shopping during the pandemic. Shopify has also been expanding into new areas, such as payments and fulfillment. With the shift towards online shopping likely to continue, Shopify has a positive outlook for the future.
Upgrades Boost Prospects of Tech Companies
Salesforce is a cloud-based software company that specializes in customer relationship management. The company has been growing steadily in recent years, and its recent acquisition of Slack has further boosted its prospects. Salesforce recently received an upgrade from analysts at Morgan Stanley, who raised their price target for the company’s stock. With the demand for cloud-based software likely to continue growing, Salesforce has a positive outlook for the future.
Adobe is a software company that specializes in creative tools such as Photoshop and Illustrator. The company has been expanding into new areas, such as marketing software and e-commerce. Adobe recently received an upgrade from analysts at Jefferies, who raised their price target for the company’s stock. With the shift towards digital marketing and e-commerce likely to continue, Adobe has a positive outlook for the future.
While there are no guarantees in the stock market, these two tech stocks with upgrades and positive outlooks are worth considering for investors looking for growth opportunities. As the world becomes increasingly digital, companies that provide the tools and services to support this shift are likely to continue seeing strong demand.
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