After the market experienced a significant sell-off in early August, leading to a steep decline in stock prices, some stocks have shown resilience and potential for further growth. Equities have shown signs of recovery since the brutal sell-off on August 5th, with all three major indexes bouncing back. The S & P 500 has seen a 2% increase in August, while the Dow Jones Industrial Average and Nasdaq Composite have also seen gains of nearly 1% each.
Considering the recent market movements and the recovery of these stocks, it is important to analyze where these stocks could potentially head next. CNBC Pro conducted a screening of FactSet data to identify stocks that have stood out during the market’s rebound and may have more room for growth. The screening criteria included stocks that hit a fresh 52-week high since August 5, buy ratings from at least 55% of analysts covering the stock, and a 10% rise or more since August 5.
One of the stocks that made the list is pharmaceutical firm Eli Lilly. The stock has shown significant growth, with shares up nearly 64% in 2024 and approximately 19% in August alone. Analysts are optimistic about the stock’s future performance, with about 67% of analysts surveyed by FactSet maintaining a buy rating. The average forecasts suggest more than 6% upside potential for Eli Lilly.
Walmart is another stock that has shown strong performance, climbing over 45% this year and gaining 11% in August. The retailer hit a record high of $76.45 per share recently, following strong second-quarter results that exceeded Wall Street estimates. Walmart raised its full-year sales growth forecast to a range of 3.75% to 4.75%, indicating confidence in future performance.
More than 69% of analysts polled by FactSet have a buy rating on Walmart stock, with an average price target implying a 6% upside potential. Other stocks that have rebounded significantly and are worth watching include insurance firm Progressive and retailer Ross Stores.
The recent market rebound has highlighted several stocks with the potential for further upside. By analyzing key criteria and analyst ratings, investors can identify opportunities for growth in these resilient stocks. As always, it is important for investors to conduct their own research and due diligence before making any investment decisions.