Important points:
- Wells Fargo has now selected several companies in various sectors classified as “high confidence” to buy.
- Although the S&P 500 is currently up 0.5%, it hasn’t had a great start to the year with a cumulative loss of 1.16%.
- Cybersecurity company CrowdStrike, shipping giant UPS and construction company Toll Brothers stand out on the list.
The start of the year for the stock market was not as expected by investors accustomed to a bullish streak in the last quarter of 2023.
It is, though S&P 500 The year closed with an increase of 24%, a decline of 1.16% so far in 2024. NasdaqHowever, even higher, 2.65%.
This, however, represents opportunities For good returns in the first quarter of the year, as published by Wells Fargo.
In that sense, he has put together a “high conviction” list with five names from various sectors that have important catalysts that will increase prices.
5 Stocks Wells Fargo Picked
The biggest favorite of Wall Street banks is the cyber security company CrowdstrikeWhich is up 142% in 2023. Analyst Andy Nowinski has set a price target of $315, which represents a potential upside of 28%.
The shipping giant also appears on the list UPS That was a terrible 2023 with a loss of about 10%. However, Wells Fargo believes the company will recover and shares could rise 11% over the next three months.
Regarding the construction company Toll BrothersBank experts expect its securities to rise 21% in the coming months after rising 100% in 2023.
