5 Stocks Wall Street Believes Will Stage a Remarkable Recovery in 2024
Investing.com | Oct 19, 2023 23:53
- Some companies are favored because of multiple upward earnings revisions
- While some are discarded because of the bleak outlooks
- Meanwhile, there are some stocks that tend to pique Wall Street's interest despite having had a poor year financially
- In this article, we'll examine five stocks that have garnered Wall Street's support for a potential resurgence
While the first and second quarters saw many companies exceeding market expectations, the third-quarter forecasts are notably more conservative.
Among the companies in the S&P 500, there are 15 that have witnessed upward revisions in their earnings forecasts.
On the flip side, there's a 'blacklist' of stocks that Wall Street currently advises against buying, probably because they had a poor fiscal 2023.
This list includes companies like Franklin Resources (NYSE:BEN), Expeditors International of Washington (NASDAQ:EXPD), Robert Half International (NYSE:RHI), Principal Financial Group Inc (NASDAQ:PFG), Consolidated Edison Inc (NYSE:ED), Whirlpool (NYSE:WHR), and Amcor (NYSE:AMCR).
But in this article, we'll shift our focus to five companies that have piqued the interest of Wall Street experts, even after having a poor fiscal year in 2023.
1. Insulet Corporation/h2
Insulet Corporation (NASDAQ:PODD) develops, manufactures, and sells insulin delivery systems for people with diabetes.
The company sells its products primarily through independent distributors and pharmaceutical channels, as well as directly in the United States, Canada, Europe and Australia.
Its August 8 results were very good with earnings per share (EPS) beating forecasts by 43.9%. It will report its next results on November 2 and is expected to report a 9.2% increase in actual revenues.
The company also reaffirmed its annual sales forecast and raised its revenue growth forecast to 25% and the outlook for total sales growth of its insulin delivery devices to 28%.
Despite recent declines in its shares, the market gives the Acton, Massachusetts-based company a potential target of $272.
2. DexCom/h2
DexCom (NASDAQ:DXCM) is a medical device company that focuses on the design, development, and marketing of glucose monitoring systems and provides its systems for use by people with diabetes.
It was established in 1999 and is based in San Diego, California.
Good results on July 27 with a strong 50.6% increase in earnings per share. The next numbers will be presented on October 26 and EPS is expected to increase again, in this case by 8%.
The market gives it a potential of $139.
3. FMC /h2
FMC (NYSE:FMC) is a company that offers products for crop protection and professional pest control.
The company develops, markets, and sells crop protection chemicals that include insecticides, herbicides, and fungicides, as well as biological products and seed treatment used in agriculture to improve crop yields and quality.
It was established in 1883 and is headquartered in Philadelphia, Pennsylvania.
The Philadelphia, Pennsylvania-based company's dividend yield is 3.72%.
Earnings are due on October 30. For the 2023 computation, actual earnings could fall a total of -9%, but for 2024 it expects a 6% increase and for 2025 a 4.5% increase.
The stock currently has 17 ratings, of which 10 are buy, 7 are hold and none are sell. The market sees potential at $98-100.
4. RMD/h2
ResMed (NYSE:RMD) develops, manufactures, distributes, and markets medical devices and software applications for healthcare markets.
In addition, the company offers various products and solutions for a variety of respiratory disorders, as well as masks for hospital and home use. It was founded in 1989 and is headquartered in San Diego, California.
ResMed's dividend yield is 1.37%.
The San Diego, California-based company reports results on October 26, and is expected to report actual revenue growth of 7.88%. For the 2023 computation, a 10% increase is expected and for 2024, 7%.
The stock has 13 ratings, of which 9 are buy, 4 are hold and none are sell. The market gives it potential at $190-200.
5. SolarEdge Technologies/h2
SolarEdge Technologies Inc (NASDAQ:SEDG) designs, develops and sells optimized direct current systems for solar photovoltaic installations worldwide, as well as intelligent energy management solutions used in residential and commercial solar installations.
The company was founded in 2006 and is headquartered in Herzliya, Israel.
It presents results on November 6. For the 2023 computation, it expects real revenue growth of 21% and for 2022 of 20%, not least EPS growth in 2023 of 53.6% and 18.2% in 2024.
The market gives the stock price a potential target of $190-200.
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