Things started off ugly last week, but as we’ve seen often lately, the bargain hunters were ready to pounce, and by Wednesday, stocks bounced back in an equally fierce rebound that continued into the end of the week.
Although many of the concerns that caused the rout in equities last week remain, market activity indicates that sentiment has shifted in a more bullish direction, and most participants believe that equities will continue towards new highs.
Looking forward to the week ahead, our team has a few recommendations for stocks to add to your watchlist. Continue reading for the names and tickers of three stocks to watch this week.
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Leading provider of hybrid cloud analytics software, Teradata Corporation (TDC), serves various industries such as financial services, government, retail, and telecommunications through its primary offering, an analytics platform called Teradata Vantage. Recent enhancements to the platform could lead to increasing demand in the near term.
TDC stock has gained more than 100% in price this year and seems to have plenty of upside left to deliver. Over the past month, the stock has seen a 12.5% upward revision in broker ratings. Among the analysts who see a favorable future for the stock is Morgan Stanley’s Katy Huberty. Last week, the analyst upgraded TDC to Overweight from Equal Weight, raising the price target from $55 to $66, reflecting a 30% upside.
After recent meetings with Teradata management, Huberty says she is more confident in the long-term model and tells investors that a shift in engineering spends and go-to-market resources increase her confidence in Cloud Annual Recurring Revenue or ARR and growth in new customers.
The analyst contends, “now is the time to buy the stock,” as the recent pullback on weaker 2022 guidance at the company’s analyst day related to revenue pull forward has created an entry point ahead of what she views as an inflection in Teradata’s “underappreciated” Cloud business.
Analysts expect TDC’s EPS and revenue to increase 50.4% and 4.6%, respectively, year-over-year to $1.97 and $1.92 billion in its fiscal year 2021. Of 10 analysts offering recommendations for the stock, 5 rate TDC a Buy, 4 call it a Hold, and only 1 calls the stock a Sell. A median 12-month price target of $62.50 represents a 13% increase from its current price.
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Shares in Chart Industries (GTLS), which manufactures cryogenic equipment for industrial gasses such as liquefied natural gas (LNG), are riding the global secular trend toward sustainable energy. The mid-cap stock is up more than 180% over the past 52 weeks – analysts expect a torrid pace of profit growth over the next few years to keep the gains coming. Indeed, the Street forecasts compound annual EPS growth of more than 34% over the next three to five years.
Analysts say the company’s unique portfolio of technologies gives it an edge in a growing industry. BTIG analyst Gregory Lewis says the company is “threading the needle” and “expanding into the right places at the right time” by balancing its core industrial gas business and energy transition exposure with bolt-ons and partnership across hydrogen, carbon capture, water treatment, and specialty gases. The analyst recently raised the price target for GTLS from $165 to $240, implying an upside of 19% from the current price.
Last week GTLS rallied to a 52-week high after Wells Fargo analyst Roger Read initiated coverage on the stock with an Overweight rating and a price target of $230, implying an upside of 14%.
“Chart offers multi-pronged, highly attractive and direct exposure to the energy transition with its core base of industrial gasses and LNG-related products,” Read writes. The analyst believes the company is “among the leaders in providing critical equipment and supplies for the rapidly expanding hydrogen and CCUS rollouts during the 2020s and likely well beyond.” The analyst recognizes both the short- and medium-term valuations “appear stretched by conventional metrics,” he thinks elevated multiples are appropriate given that its “key markets are on track to more than quintuple by the end of the decade.”
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For the most part, the pros on Wall Street agree that this energy transition stock is a Buy now. Of 21 analysts offering recommendations for Chart Industries, 18 rate the stock a Buy, and 3 rate it a Sell.
Last up for this week’s recommendations for stocks to add to your watchlist; we have blue-chip Dow Inc. (DOW). The ticker has received a lot of attention for its wild price movement in recent months, increasing to $70 in May and then sinking to $55.53 last week.
Dow is a world leader in essential chemicals like polyurethanes, and demand for Dow’s products is soaring, despite increasing prices in recent months. In July, Dow reported its best-ever quarter in history. Sales were up 66% year over year. EPS was up to $2.51 per share versus a loss of $0.31 in Q2 2020. The company’s debt was down by $1.1 billion with no significant debt maturing before late 2025 and reported free cash of $1.7 billion. Yet, the stock has lost nearly 20% in value over the past three months.
Dow’s momentum in earnings and cash flow seems here to stay as activity in key end markets like manufacturing, construction, automotive, and personal care pick up. Notably, the company hasn’t missed one single dividend payment since 1912 — that’s 109 years and counting. Dow investors currently benefit from a solid, 4.6% dividend.
The stock appears to be a bargain against the chemical industry. Dow’s P/E ratio of 10.3x is below its peer average of 22.76x. The 21 analysts offering 12-month price forecasts for Dow Inc. have a median 12-month price target of $69, representing a 21.5% increase from the current price. There’s plenty of reasons to add this evergreen to your watchlist and even possibly strike up a position in the near future.
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