Wells Fargo names 5 stocks worth investing in in the first quarter
IMPORTANT POINTS:
- Wells Fargo has selected several companies from various sectors classified as “high confidence” to buy now.
- While the S&P 500 is currently up 0.5%, it started the year off to a rocky start with an accumulated loss of 1.16%.
- Cybersecurity company CrowdStrike, shipping giant UPS and construction company Toll Brothers stand out on the list.
The stock market started the year differently than expected by investors who were accustomed to a bull run in the final quarter of 2023.
The point is that although S&P 500 Index ended the year with an increase of 24%, in 2024 it accumulated a decline of 1.16%. NasdaqHowever, it is even higher – 2.65%.
However, this represents possibilities make good profits in the first quarter of the year, as Wells Fargo highlights.
In this sense, he compiled a list of “high convictions”, which included five names from different sectors that have important catalysts driving higher prices.
5 Stocks Wells Fargo Picked
Wall Street Bank’s Big Favorite Is a Cybersecurity Company Crowdstrikewhich will grow by 142% in 2023. Analyst Andy Nowinski set a price target of $315, representing an upside of 28%.
The shipping giant also appears on the list. UPS which had a terrible 2023 with a loss of almost 10%. However, Wells Fargo believes the company will recover and that shares could rise 11% in the next three months.
About the construction company Toll BrothersBank experts expect its securities to rise 21% in the coming months after rising 100% in 2023.