To The Cloud: Cloud Computing Stocks In Focus (AMZN, IBM, CRM, RAX, DELL, EQIX)
Technology titans Amazon.com (AMZN) and IBM (IBM) are making news in the cloud computing arena today, but for very different reasons. Amazon has drawn the ire of the music industry, including some song writers and publishers, because the company’s new cloud-based service allows users to access songs from an array of devices, including personal computers and smartphones.
The news doesn’t seem to be weighing too heavily on the Cloud Computing Stocks Index, which is up 0.2% today. Shares of Dow component IBM are down slightly, but the company is angling to become a major cloud player and derive at least 5% of its annual from cloud services by 2015, according to Bloomberg News.
IBM’s “SmartCloud” service, which allows companies to store data on IBM servers and access that data via the Internet, debuts today. The service is part of IBM’s plan to garner $7 billion in cloud-related revenue by 2015, Bloomberg reported.
Shares of cloud giant Salesforce.com (CRM) are up 1% after FBR Capital upgraded the stock to “outperform” from “market perform” and raised its price target on the shares to $170 from $155, representing substantial upside from where they currently trade.
Shares of Rackspace Hosting (RAX) are also higher by 1% after Cowen reiterated an “outperform” rating on the stock, noting relationships with partners such as Dell (DELL) and Equinix Inc (EQIX) could be positive catalysts for future growth.
Investors can track the Cloud Computing Stocks Index for performance trends and a suite of other metrics at tickerspy.com.
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