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August was a month marked by market uncertainty with Nasdaq 100 index falling almost 4%. Despite the that, Wall Street analysts still have stocks they like, many of which are in the tech sector.
Uber (NYSE:UBER)
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Since its debut as a public company earlier this year, shares of Uber have fallen almost 30%, but recent analyst ratings suggest the decline in price may present a buying opportunity.
Of the last 10 analysts to publish research on Uber, eight gave the stock a bullish rating with an average price target of $56.78, suggesting 76% upside.
Lyft (NASDAQ:LYFT)
Lyft, the other ride sharing company to go public earlier this year, has fared worse than Uber, with shares falling 32% from the stock's first trade. Not helping the company's case is an August filing showing an "Expected Early Lock-Up Release Date" for early Lyft shareholders.
The 10 most recent research reports on the company resulted in seven bullish ratings with a $76.60 average price target. Lyft shares last traded at $48.86.
Facebook (NASDAQ:FB)
Despite a wave of controversy and macroeconomic uncertainty, Facebook shares have proven resilient. Over the past year, shares are up 6.1% versus a 0.9% increase in the S&P 500. As one of the largest stocks on the market (only four companies have a larger market cap), an abundance of analysts cover Facebook.
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Ten of 10 most recent ratings on Facebook recommended buying the stock with an average target price of $242, suggesting 30% upside.
Microsoft (NASDAQ:MSFT)
As a sharp contract to Uber and Lyft, ‘old tech’ company Microsoft has traded on public markets for more than 30 years. It is the only public company boasting a market cap over one trillion. Despite the company’s 24.4% climb in share price over the past year, and 30 years of ‘market efficiency,’ analysts are largely bullish on Microsoft.
Nine of 10 most recent analysts to publish research on the stock are bullish with an average price target of $157 compared to Friday’s closing price of $137.79.
ServiceNow (NYSE:NOW)
ServiceNow is the smallest stock to make this list with a $3.8 billion market cap and annual revenue of $834 million. Providing IT solutions for enterprise customers, ServiceNow advertises over a 98% client renewal rate.
Nine of 10 analysts rate the stock positively with one neutral rating. Of the bullish analysts, RBC calls ServiceNow a “Top Pick.” Analysts put a $308 average price target on ServiceNow.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.