Equities have continued their plunge into bear market territory, and none have been feeling it worse than tech stocks. While investors are looking for safe havens to ride out the bear market, there are plenty of beaten-up tech stocks that are expected recover handily through the rest of the year, at least according to this major Wall Street brokerage house.

Canaccord Genuity initiated a series of calls with a focus on the tech sector. Each call is incredibly positive, forecasting massive upside in both the near and long term. Kingsley Crane was the lead analyst on the call.

It is important to remember that no single analyst report should be used as a sole basis for any buying or selling decision.

Datadog

On Datadog Inc. (NASDAQ: DDOG), Canaccord Genuity initiated coverage with a Hold rating and a $120 price target. That implies upside of 11% from the most recent closing price of $108.03. While Crane likes Datadog’s underlying platform architecture and prospects to grow in the logging market, he sees “little margin for error” given the stock’s current valuation.

The stock traded around $96 Tuesday, in a 52-week range of $81.12 to $199.68. Shares are down over 42% year to date.

New Relic

Crane started coverage of New Relic Inc. (NYSE: NEWR) with a Buy rating and an $81 price target, implying upside of 55% from the most recent closing price of $52.24. New Relic is a “newly empowered company with a fresh take on observability” that collects and analyzes data to provide better insight into customers’ tech stacks. Crane noted that this company offers a “stellar product at an attractive value compared to competitors is driving net revenue retention higher.” He thinks the shares are “simply too cheap” for a “durable” 20% top-line grower.

New Relic stock has a 52-week trading range of $41.66 to $129.70, and it traded near $52 a share on Tuesday. The stock is down 51% year to date.

PagerDuty

Canaccord Genuity started PagerDuty Inc. (NYSE: PD) with a Buy rating and a $32 price target, implying upside of 23% from the most recent closing price of $26.06. The analyst thinks PagerDuty’s mission-critical nature creates an advantageous position during pricing conversations. Despite a steady stream of new entrants, the company continues to defend its position as the market leader in on-call management, Crane details in the note. Ultimately, he views PagerDuty’s breakeven free cash flow profile and steadily expanding margins as encouraging.

The stock traded at around $26 on Tuesday, in a 52-week range of $21.72 to $50.33. Shares are down over 23% year to date.

Coverage of Elastic N.V. (NYSE: ESTC) was initiated with a Buy rating and a $100 price target. The implied upside from the most recent closing price of $75.49 is 32%. Crane believes Elastic has “one of the most compelling upside growth cases” in his coverage as he sees potential for the company to grow revenue 30%-plus year-over-year for three-plus years, with Cloud revenue growing 50%-plus. Elastic’s relationship with Amazon’s AWS was a key concern prior to the company’s most recent licensing change, but licensing changes have better protected its IP and should drive increased platform usage over the medium term.

The stock traded around $72 early Tuesday, in a 52-week range of $50.74 to $189.84. Shares are down over 38% year to date.

Splunk

Recent management changes at Splunk Inc. (NASDAQ: SPLK) are improving the investment case, according to Crane. He continued that its free cash flow is beginning to inflect back upward after a multiyear lull due to a cloud transition. Crane sees a “clear disconnect” between Splunk’s operating plan and current valuation. As a result, Canaccord Genuity started it with a Buy rating and a $130 price target, implying upside of 38% from the most recent closing price of $94.48.

Splunk stock has a 52-week trading range of $84.63 to $176.66, and it traded near $92 a share on Tuesday. The stock is down 17% year to date.

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JFrog

For JFrog Ltd. (NASDAQ: FROG) Canaccord Genuity initiated coverage with a Buy rating and a $30 price target, implying upside of 32% from the most recent closing price of $22.78. Crane noted that he sees “a strong case” for multiple years of 30%-plus top-line growth and steadily expanding margins given his view that JFrog’s business is benefiting from security increasingly being factored in before software is built, rather than after it is deployed.

The stock traded at around $22 on Tuesday, in a 52-week range of $16.36 to $46.75. Shares are down over 23% year to date.

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