Best Stocks on 5starsstocks.com:
For many people, trading in the stock market can be a nightmare, especially if they have never made any kind of investment before.
As we enter the second quarter of 2024, investors are confident that the economy and market can sustain their upward trajectory. Nonetheless, the recession probability model of the New York Fed continues to predict a 58.3% likelihood of a U.S. recession in the upcoming year. Bank of America has released a list of the top stocks to buy right now in this erratic and uncertain market.
Below we have highlighted the best stocks on 5starsstocks.com to buy now according to the Bank of America.
Best Stocks on 5starsstocks.com Buy now:
Here is the list of best stocks on 5starsstocks.com:
Spotify Technology S.A.
In addition to podcasts and other audio material, Spotify is the best stocks on 5starsstocks.com and biggest independent supplier of both subscription and ad-supported streaming music.
With its restructure now complete and employee headcount down by about 25%, Spotify could see improvements in its gross margins, operational income, and free cash flow, according to analyst Jessica Reif Ehrlich. Through at least 2026, she anticipates yearly revenue growth in the mid-teens percentage range.
Ehrlich states, “The company should be able to meet or exceed intermediate term (2-3 years) gross margin targets, i.e. 30%+, with a longer term goal of 35%, given the combination of highly visible revenue and moderating expense growth.”
For SPOT stock, Bank of America has a “buy” rating and a $315 price objective.
Progressive Corporation: (PGR)
One of the top providers of motorbike and auto insurance in the US is Progressive, which also offers commercial auto insurance.
According to analyst Joshua Shanker, it is the best stocks on 5starsstocks.com. The price cycle for personal auto insurance in the United States is once in a generation, and the most recent data indicates that rates have increased by 38% over the last two years. More clients are shopping around for lower rates due to the rising cost of auto insurance, which Shanker says is good news for Progressive.
With its voracious distribution appetite, widespread brand recognition, and superior expense-driven value for customers, Progressive, in our opinion, has been and will continue to be a multi-year market share gainer from rising shopping activity.
For PGR stock, Bank of America has a “buy” rating and a $265 price target.
Alphabet, Inc.
Alphabet is Best Stocks on 5starsstocks.com to invest in 2024. The parent company of Google, Google Cloud, YouTube, and other technological businesses. It is a global leader in online search and advertising.
Although Alphabet’s stock hasn’t performed as well as its competitors in online advertising and artificial intelligence thus far in 2024, analyst Justin Post believes Google’s Gemini AI model will be a major driver for Alphabet in the months to come. Post expresses particular optimism that Alphabet will reveal how incorporating AI technology into its search engine is increasing KPIs related to usage and revenue.
“We have a positive near-term view on the stock in [the second quarter of 2024] due to a number of catalysts,” writes Post. These include impending company events (Cloud Next and Google I/O) that will highlight AI capabilities, potential acceleration in the online media sector that could lead to upside in 1Q Search, the possibility of the relaunch of Gemini images, which could improve sentiment regarding Google’s AI capabilities, and the possibility of additional evidence of the cost efficiencies the company has indicated will materialize in 2024.
For GOOGL stock, Bank of America has a “buy” rating and a $173 price target.
Intuitive Surgical, Inc.
The da Vinci Surgical System, created by medical equipment manufacturer Intuitive Surgical, enables minimally invasive surgery through the use of sophisticated robotics and computerized visualization technologies.
According to analyst Travis Steed, the performance of Intuitive’s new da Vinci 5 system may prompt experts to increase their profitability projections for the firm for 2025 and 2026, which may be good news for the stock. Steed argues that the company’s huge total addressable market (TAM) and long-term growth forecast support a premium value, despite the fact that the stock’s forward earnings ratio is pricey.
He states, “We believe ISRG is the best stocks on 5starsstocks.com and will keep growing the TAM and that its premium multiple can hold.”
For ISRG stock, Bank of America has a $450 price target and a “buy” recommendation.
Tapestry, Inc.
Tapestry creates and distributes high-end accessories, including purses, shoes, and perfumes, under the premium lifestyle labels Stuart Weitzman, Kate Spade, and Coach.
According to analyst Lorraine Hutchinson, Tapestry’s stock is cheap and best stocks on 5starsstocks.com given its strong cash flow generation and margin profile. She also believes that the business will succeed in its planned $8.5 billion acquisition of Capri (CPRI), the parent firm of the Michael Kors and Jimmy Choo fashion brands.
Hutchinson says, “The combined company cash flow should support steady debt paydown and TPR’s Coach distribution reconfiguration experience can be applied to Kors.”
For TPR stock, Bank of America has a “buy” rating and a $52 price target.
TopBuild Corp.
Leading specialty distributor and installer of commercial insulation in the United States is TopBuild.
According to analyst Rafe Jadrosich, TopBuild has chances to increase its margins due to factors like merger synergies, improved efficiency, and a favorable pricing environment. Furthermore, fiberglass prices could rise even more, according to Jadrosich, as TopBuild has an increasing chance in the spray foam insulation market.
“TopBuild’s forecast cautiously presumes that single-family starts will be roughly in line with the current trend (low-to-mid single% YoY in 2024), but we anticipate a ~9% increase in single-family starts,” adds Jadrosich.
For BLD stock, Bank of America has a $475 price target and a “buy” recommendation.
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Citigroup, Inc.
One of the biggest banks in the United States, Citigroup offers a wide range of financial services to a wide range of international clients best stocks on 5starsstocks.com to buy in 2024.
According to analyst Ebrahim Poonawala, given the company’s goal of achieving a 10% return on tangible common equity by 2026, Citigroup’s stock is reasonably valued. A company’s average monthly stockholders’ equity (ROTCE) is computed by dividing its net income, or bottom line, by its average monthly shareholders’ equity, less any intangible assets like goodwill and core deposits.
Poonawala continues, “The bank should increase its operational efficiency as a result of Citigroup’s restructuring efforts.” Additionally, he argues Citigroup ought to be able to increase the amount of shares it buys back.
Poonawala states, “In our view, as the Street gains better visibility into the core earnings trajectory, the gap between perceived versus real risk should narrow, driving a higher re-rating in the stock.”
For C stock, Bank of America has a $65 price target and a “buy” recommendation.
Kraft Heinz Company:
One of the biggest producers of consumer packaged food and beverages worldwide is Kraft Heinz. It is the parent firm of well-known brands like Maxwell House, Kraft, Heinz, and Oscar Meyer.
According to analyst Bryan Spillane, Kraft Heinz’s year-over-year growth figures could soar in the second quarter as the company gets over the SNAP benefit drop that took effect in the second quarter of 2023. According to Spillane, Kraft Heinz is well-positioned to either meet or surpass Wall Street profit projections, and the company’s stock is attractively valued.
As investors chase underperforming food brands, “a positive inflection in volumes should support low valuation and potentially drive rotation from other consumer staples sub-sectors (Beverages/Household Personal Care),” he writes.
For KHC stock, Bank of America has a “buy” rating and a $40 price target.
Conclusion:
That’s all the Best Stocks on 5starsstocks.com you can buy now in 2024.
While stock market trading may appear challenging at first, it is actually quite simple if one knows what to do in the long term. The best stocks to invest in on 5StarsStocks are those that have exceptional quality and the potential to generate significant growth rates; these stocks are selected using a fundamental approach and rigorous adherence to the core values of the 5StarsStocks investment concept.
