The stock market is rolling into an important second-quarter earnings season. The market is volatile and hasn't gained nearly as much ground in 2018 as the optimism heading into the year would have indicated. But Q2 earnings - especially those coming from a number of highly rated tech stocks - might be able to help the market turn the tide.
Top Canaccord Genuity analyst Tony Dwyer is feeling very confident, for instance, even in the face of trade war fears. He recently told CNBC, "The market moves with the direction of earnings ... as long as the economy is positive, that direction of earnings is going up." He added that S&P 500 operating profits likely grew 24% year-over-year in the second quarter.
With this bullish analysis in mind, and technology companies' earnings on tap soon, we decided to drill down into seven of the hottest tech stocks poised to soar this earnings season. We used TipRanks' powerful market data to pinpoint stocks with big support from top-rated analysts.
Here's a closer look at these seven tech stocks, including how bullish Wall Street is on them, why, where they fall on the earnings calendar and how much upside the "smart money" is projecting.
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Market value: $13.2 billion
TipRanks consensus price target: $84.67 (10% upside potential)
TipRanks consensus rating: Moderate Buy (See Details)
If you've ever shopped online, downloaded music or watched a video online, chances are you've used Akamai Technologies' (AKAM, $77.32) cloud delivery platform. Akamai describes itself as the world's largest and most trusted cloud delivery platform, delivering 95 exabytes of data every year to billions of devices.
At the investor-day event, Akamai said the number of customers spending more than $1 million has gone from 235 in 2012 to 511 today, and that its customer base is now much more diversified.
Most notably, five-star Oppenheimer analyst Timothy Horan (view Horan's profile & recommendations) has just reiterated his "Buy" rating with a $90 price target (16% upside potential).
"Growth is improving in each business unit; media traffic has accelerated for three straight quarters and will continue to strengthen throughout 2018 and beyond as video and gaming move OTT (over the top)" Horan writes. Meanwhile, the company's "unique last-mile infrastructure" places it firmly on track to snatch a share of the massive $16 billion web security market.
The company will report earnings on Tuesday, July 31. Following the Akamai's recent investor day updates, the Street is forecasting for revenues of $662.7 million, filtering down to 80 cents of per-share earnings.
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