Canaccord Starts Facebook With a Buy and 2 Other Hot Stocks to Watch
Facebook Inc. (NASDAQ:FB): Current price $49.00
Late Tuesday, Canaccord Genuity began its coverage of Facebook with a Buy, starting the site’s price target at $60. Analysts Michael Graham and Maria Ripps pointed to the firm’s promising mobile advertising endeavors, together with the potential for further worldwide growth in its user base. The analysts also cited coming efforts to monetize Instagram, which Facebook owns. Shares are once again pushing for $50 on Wednesday.
Micron Technology, Inc. (NASDAQ:MU): Current price $17.20
Micron announced today that it is shipping 2-gigabyte Hybrid Memory Cube engineering samples, an achievement that represents a dramatic step forward in memory tech, with the engineering samples being the world’s first HMC devices to be shared widely with lead customers. The cube was designed for apps requiring high-bandwidth access to memory, such as data packet processing, data packet buffering or storage, and computing applications like processor accelerators. Micron anticipates that future generations of HMC will migrate to consumer applications within three to five years.
Applied Materials Inc. (NASDAQ:AMAT): Current price $17.82
On Tuesday, Applied Materials agreed to purchase Tokyo Electron Ltd. at a price of $9.39 billion in stock, marking one of the biggest acquisitions of a Japanese company by an overseas buyer. Now, Chief Executive Gary Dickerson says that he is moving his family from California to Tokyo, according to inside sources. Dickerson spent nine months hammering out the details of the transaction, and withstood resistance in Japan to foreign takeovers as well. The purchase combines two of the top chip making equipment firms in an attempt to stay ahead while customers in the semiconductor industry consolidate.