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Thanks to a correction in the stock market, the technology sector is a great place to look for value and rebound candidates. Many tech stocks are loaded with cash, have higher than average growth rates, and some could even be takeover targets. It's a good time to start picking up cheap shares and setting up your portfolio for some big gains for 2012. There has been plenty of gloom and doom in the headlines, but it is important to remember that demand for new technology and gadgets is only going to increase in the future, and recessions don't last forever. Technology continues to play an increasingly important role in business productivity and in our personal lives. This dependence on technology makes the tech sector a solid investment for long term investors. If you buy at or near the recent lows, you could end up just about doubling your money, if these stocks hit the price targets set by analysts this year. Most analysts set price targets based on where they believe the stock should be trading at in the next 12 months or so. Here are a number of stocks that have price targets that are around double the current stock price:

OmniVision Technologies (NASDAQ:OVTI) shares are trading at $15.95. OmniVision sells the Camerachip sensors used in mobile phones and other computer devices. The 50-day moving average is about $19.12 and the 200-day moving average is about $28.10. These shares have traded in a 52 week range between $12.60 and $37.04. Earnings estimates for OVTI are about $2.35 per share in 2011.

This stock dropped significantly in the past couple of weeks when the company lowered guidance, leading some to wonder if this was over, whether or not Apple (NASDAQ:AAPL) would still keep OmniVision as a main supplier. Now it does look like Sony is supplying at least some of the cameras, but OmniVision might also be as well. Wedbush set a $33 price target for OVTI shares.

Autodesk, Inc. (NASDAQ:ADSK) shares are trading at $32.42. ADSK is a leading provider of design software. The 50-day moving average is $27.99 and the 200-day moving average is $37.58. Earnings estimates for ADSK are about $1.69 per share in 2011, and $1.98 for 2012. Autodesk shares have come down significantly in the past few weeks and now trade for about 16 times 2012 earnings estimates. Historically, Autodesk shares have traded at higher multiples. However, ADSK shares recently traded around $26 and have rebounded to overbought levels so I would wait for pullbacks to about $26 before buying. UBS set a $47 price target for ADSK shares.

Travelzoo, Inc. (NASDAQ:TZOO) shares are trading at $29.82. TZOO is a Internet company that offers travel and other deals online. The shares have traded in a range between $20.68 to $103.80 in the past 52 weeks. The 50-day moving average is $32.39 and the 200-day moving average is $53.23. Earnings estimates for TZOO are about $1.36 per share in 2011 and $1.77 for 2012. This stock was trading around $85 in late July and plunged after earnings were released. Wedbush has set a $72 price target for TZOO shares.

Micron Technology (NASDAQ:MU) is trading at $5.70. These shares have a 52 week range of $3.97 and $11.95. The 50-day moving average is $5.92, and the 200-day moving average is $8.78. Estimates for MU are about 21 cents per share in 2011 and 60 cents for 2012. Book value is stated at $8.45 per share. With these shares trading below book value, and the PE ratio being about 10 times 2012 earnings, it looks like a solid value. Wedbush has set a $9 price target and Sterne Agee has a $14 price target for MU shares.

Corning Incorporated (NYSE:GLW) shares are trading at $13.71. Corning makes a variety of products ranging from touch screen glass to fiber optics. The shares have traded in a range between $11.51 to $23.43 in the past 52 weeks. The 50-day moving average is $13.73 and the 200-day moving average is $18.24. Earnings estimates for GLW are at $1.842 per share in 2011, and $1.97 for 2012, so the PE ratio is about 7 on these shares. The book value is $13.56 per share. Corning makes and supplies Apple with the glass touch screens used in many tablet devices and cell phones. This company pays a dividend of 30 cents per year, which is equivalent to a 2.2% yield. This stock has plunged with the markets and now offers a chance to buy at bargain levels. UBS has set a $20 price target, but Barclays Capital has a $28 price target for GLW shares.

Western Digital Corporation (NASDAQ:WDC) shares are trading at $28.34. Western Digital is a leading data storage device maker. The 50-day moving average is about $28.31 and the 200-day moving average is about $33.69. Earnings estimates for WDC are just over $3.95 per share in 2011 and $4.38 for 2012. With the stock trading at about 7 times earnings, the shares look cheap. Auriga has set a $51 price target for WDC shares.

Disclosure: I am long OVTI.

The data is sourced from Yahoo Finance and Stockcharts.com. The information and data is believed to be accurate, but no guarantees or representations are made. Rougemont is not a registered investment advisor and does not provide specific investment advice. The information contained herein is for informational purposes.

Source: 6 Tech Stocks Poised To Roughly Double In 2012