Wall Street analysts are crazy about these stocks and see big upside in the next 12 months
With the S&P 500 up more than 19% already this year, investors are scrambling to find the next big winners. According to Wall Street analysts, these stocks could have the most room to run.
Oil and gas drilling company Diamondback Energy is the stock with the most bullish forecast. Analysts believe Diamondback shares will jump 44% over the next 12 months after a rise of 12% this year. The stock also has the most buy ratings on Wall Street.
Bank of America Merrill Lynch set a $170 price target for Diamondback in May, saying it’s a “top pick” because of “a transformational recent acquisition, top-notch execution, increased shareholder friendly initiatives and above-average oil leverage.”
Analysts see a 25% upside to General Motors which has had a volatile year. The stock edged higher in June after the company reported higher-than-expected first-quarter profit as it shaved costs and sold more expensive vehicles.
Credit Suisse initiated coverage on General Motors last week as outperform, saying the company has done a good job in balancing both short and long term concerns.
Amazon also made the list as analysts predicting a 18% gain for the e-commerce giant in the next 12 months. The stock has surged a whopping 29% this year so far, leading the market’s strong comeback. Loop Capital raised its price target on Amazon last month to $2,380 from $2,200, seeing its market cap tripling over the next four to five years.
To be sure, consensus analyst opinion doesn’t always work and some investors even use it as a contrarian indicator. However, the list gives you an idea of the stocks analysts are most bullish about in meetings with clients.
Source : CNBC