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Roku in the first-quarter report posted its highest revenue growth rate since its 2017 IPO. Loop Capital Markets upgraded the stock to a buy with a $450 price target after the results, citing its impressive platform growth, increasing market share and the overall shift to digital streaming. There s no question the primary trend is still higher for Roku, Johnson, his firm s senior technical research analyst, said Friday on CNBC s Trading Nation. From my perspective, the stock has gotten oversold. It seems like a pretty good entry point and a pretty good upgrade here for Loop, he said, adding that the shares have fallen to their 200-day moving average.
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Boeing Co (NYSE: BA) is a stock that could blossom in May, chief market technician at Piper Sandler Craig Johnson said Friday on CNBC s Trading Nation.
What Happened: Boeing reported quarterly losses of $1.53 per share, missing estimates of a loss of $1.16 per share, and revenue of $15.22 billion beating estimates of $15.02 billion. I am proud of the progress our global team made across our business in the first quarter as we continued to transform our enterprise, strengthen our safety processes, and sustain critical investments for our future, said Dave Calhoun, Boeing President and CEO.
The stock sold off 7% in the month of April and is finding support, Johnson said. Boeing should be bought at current prices, he said, adding that he expects the stock to be a winner moving forward.
I could actually see a number that could be north of 100 in the next, say, six to . 12 months from here, said Johnson, his firm s senior technical research analyst.
The Energy Select Sector SPDR Fund (XLE) is also showing signs of life after a difficult 2020, he said. There is clearly a double bottom that has been made and even a higher low that has been made, he said, citing a chart of the 23-stock exchange-traded fund. We re getting a multi-year reversal in terms of the performance of the XLE compared to the S&P 500. Clearly, there are some very positive trends happening here, he said. These are longer-term themes and trends that are starting to unfold.
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