HomeTrading NewsWall Street believes these Nasdaq names will lead a comeback after its worst quarter since 2008

Wall Street believes these Nasdaq names will lead a comeback after its worst quarter since 2008

It was a vicious first half and quarter for stocks, but especially for members of the tech-heavy Nasdaq Composite. Rising inflationary concerns spooked investors, who increasingly turned on one-time tech darlings that are more sensitive to rising interest rates. The Nasdaq Composite dropped 29% in the first half, the most of the three major averages. The index’s 22% loss in the second quarter is its worst performance since 2008. Still, CNBC Pro searched for some names that could outperform during the remaining six months on the calendar, according to data from FactSet. The names that came up in our screen are considered buys by a majority of the analysts that cover them. They have more than 20% upside to their 12-month target prices, and they’re expected to grow earnings by more than 10% this year. They also have market caps greater than $1 billion, and these stocks are covered by at least eight analysts. Here are the names, with year-to-date performance as of Tuesday’s close: A majority of analysts, 90%, recommend investors buy East West Bancorp shares. The bank was recently named a stock “worth visiting” by Bank of America analysts, who said in a note last month that East West Bancorp is among those well positioned for the long term, given its strong balance sheet. Shares are expected to have 44% upside from here, according to FactSet. CrowdStrike is considered a buy by nearly 87% of analysts. In June, the cybersecurity stock was upgraded to overweight from equal-weight by Morgan Stanley. The firm said the pick is an “attractive opportunity” as companies increasingly invest in security solutions, and offers investors “defensive positioning.” According to FactSet, shares could climb 34% from here. Match Group could make a comeback later this year after falling more than 46% this year. In April, Morgan Stanley named Match Group among its top internet recession picks, citing the growing adoption of online dating. Shares of Match Group have 67% upside, according to FactSet data. Other stock picks include Euronet Worldwide, Signature Bank, Horizon Therapeutics, Olaplex, Focus Financial Partners, Maravai LifeSciences Holdings and Verint Systems.

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