Several markets are rising. However, some markets are doing better than other and have gained massive gains in the last one year. Many stocks like Chipotle Mexican Grill, Inc. (NYSE:CMG), Tripadvisor Inc Common Stock (NASDAQ:TRIP) and Netflix, Inc. (NASDAQ:NFLX) are currently trading 20% above their 200-day moving average. However, according to Matt Maley, an equity strategists at Miller Tabak few of these companies can justify this rise.
Maley indicated that the rise of Intel Corporation (NASDAQ:INTC) is an indication of the beginning of something great. Maley indicated that the stock made an impressive move in January and February and since then has made several highs and lows.
On April 27, shares of Intel reached their highest since the early days of the 2000 dot-com bust. The company has surged 19% since the start of the year. Intel stock is currently 23% above the 200-day moving average.
Strategic Wealth Partners founder and President Mark Tepper also echoed the sentiments of Maley. Tepper noted that Intel has very impressive valuations at a forward P-E of about 14. He gave the stock a price target of $60.
The $60 price target issued by Tepper is the same as the average price target issued on Wall Street. The target is a 9% increase from the stock’s current price.
Maley indicated that salesforce.com, inc. (NYSE:CRM) is expected to show a similar trend like Intel. He said that salesforce.com stock has been making a number of higher highs and higher lows and some have lasted for some time.
Shares of Salesforce hit an all-time high of $131 last Thursday. The stock has recorded a year-over-year raise of 27%. The stock is the 11th best performing on the XLK ETF. It has gone up 20% above the 200-day moving average.
This has been very monumental for Wall Street favorite Amazon.com, Inc. (NASDAQ:AMZN) and according to Teppers, the company is expected to surge even further. He noted that Amazon is crushing other retailers. He said that other retailers are having uphill task trying to beat Amazon Prime in terms of choice, price and convenience.