Well, January is over, but the first trading day for February showed us that the volatility is still here for the markets. Given the huge run-up on Friday, that’s not surprising as many investors are still reeling from a bad January, and shifting portfolios to account for the downside. One thing is for sure, companies that are blowing away numbers are getting rewarded, just like those who miss are getting hit.

In this week’s research report from Jefferies, the growth stock calls lean to some top technology names. Some blew away numbers, some missed, and some are still set to report the quarter. They all make good sense for aggressive growth accounts.

Amazon

This is the absolute leader in online retail and a dominate player in cloud storage business, but it missed estimates badly and got hit hard last week. Amazon.com Inc. (NASDAQ: AMZN) serves consumers through retail websites that primarily include merchandise and content purchased for resale from vendors and those offered by third-party sellers. In addition, the company serves developers and enterprises through Amazon Web Services (AWS) that provides compute, storage, database, analytics, applications and deployment services that enable virtually various businesses.

Jefferies notes that the fourth-quarter results were below Wall Street estimates on almost all metrics, and the guidance for the first quarter was somewhat mixed. While the North American revenues rose a solid 24% to $21.5 billion, they came in below the Jefferies estimate of $22.9 billion. While the stock was pounded, the analysts remain buyers on this weakness, as they still maintain that the e-commerce giant has a distinct fulfillment advantage, and remains a core technology holding.

The Jefferies price target for the stock is a gigantic $775. The Thomson/First Call consensus price target is $738.51. The stock closed Monday at $574.81.

Facebook

The huge social media leader posted gigantic numbers that truly blew most of Wall Street away. Facebook Inc. (NASDAQ: FB) has Instagram, which the Jefferies team sees tripling revenues by 2017. In addition, Premium video and Graph Search capabilities are strengthening the social media giant’s earnings flow.

Jefferies has noted in the past that Facebook and Instagram account for 5% and more of users’ total media time, but the company doesn’t come close to capturing 5% of total advertising budgets. Instagram advertising opened up in the fourth quarter. The company reported revenues for the December quarter that were 10% ahead of the Jefferies estimates.

Like most Wall Street analysts, Jefferies notes that Facebook remains the top beneficiary of the adoption of mobile Internet trends, with total U.S. internet time spent on Facebook and Messenger. Other metrics continue to explode, and the key is there are no viable challengers anywhere in sight. Positive monthly data use, easier growth comparisons and positive data on ad revenue drivers are the top catalysts. The analysts view Facebook’s longer term opportunities as almost unmatched by its mega-cap consumer Internet peers.

The analysts also note that the holidays for 2015 may be the time when advertisers truly embraced mobile ads on a global basis. With 1.5 billion global users who spend the large majority of their mobile time on Facebook, the company continues to own the social media stratosphere.

Jefferies recently raised its price target to $145 from $135. The consensus target is $132.75, but could still jump. The shares closed Monday at $115.09.
Cognizant Technology Solutions

This tech stock is well-liked across Wall Street. Cognizant Technology Solutions Corp. (NASDAQ: CTSH) provides IT consulting and business process outsourcing services worldwide, including IT strategy, program management, operations improvement, strategy and business consulting services.

Though Cognizant is based in the United States, it primarily uses an offshore workforce in India. The company is well positioned for a variety of trends in IT services, and many expect it to increase earnings well in excess of the industry average. The company’s solid second-quarter results were broad based. In addition, the company raised second-half guidance and it is a solid, conservative technology holding to add.

The company reports on February 8, and the analysts feel that the focus will be squarely on guidance for the balance of 2016. The target is 12% revenue growth at the minimum, and anything above that could set the stage for continued earnings beats and estimates raises.

The $79 Jefferies price target is higher than the consensus figure of $74.50. The stock closed trading on Monday at $62.33.

Electronic Arts

This leading video game developer should benefit from not only the continuing rise in new console sales, but the rising trend of mobile gaming. Electronic Arts Inc. (NASDAQ: EA) produces top-selling games and related content and services under the EA brand in various categories, including action-adventure, role-playing, racing and first-person shooter games.

The company is very well-known for their EA sports games like Madden Football, and it has made the move into mobile play by adapting many of the top franchise titles, which have been popular for years, into the mobile arena.

The company recently announced its plan to launch a new online subscription plan for $4.99 per month. With this subscription, gamers can sample new games before release and receive discounts on purchases. They are also eligible to access a few old games for free under this plan. Electronic Arts launched the online plan to cater to the rising demand for digital gaming content. This service is said to be an extension of Origin, which is the company’s online PC game store and a community with over 50 million members.

The company reported weak numbers last Friday, and the stock got ripped to the tune of 7.5%. While the gross margins were less than expected, the weakness in overall earnings and guidance doesn’t change the Jefferies view that digital is the way to go, and the firm remains buyers of the stock, especially with the current weakness.

The Jefferies price target is $95. The consensus target is $82.85. The stock closed Monday at $64.20.

While January battered many top technology stocks, these four make good sense for aggressive accounts looking to add leaders in their respective silos. One-off quarter lapses don’t define a company, and buying two of these leaders on weakness is a solid play now.

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