Investors can still find names with plenty of upside potential, even as stocks leap to fresh highs, according to Bank of America. The firm named a slew of companies this week that analysts say have room to run. CNBC Pro combed through Bank of America research to find buy-rated stocks that are poised to outperform. They include CrowdStrike, Emerson Electric, Progressive, Rollins and O’Reilly Automotive. Emerson Electric “Better portfolio, good visibility = more investor interest,” analyst Andrew Obin said after a series of investor meetings with the company. “The message on an improved growth and returns profile is particularly compelling in our view,” he wrote. Emerson has deep pipeline of products to rely on, according to the analyst, who noted the company isn’t seeing any effects of a deteriorating macro. Further, Emerson is well positioned for upside and synergies following the completion of its acquisition of National Instruments last fall, according to the firm. Obin also raised his price target to $130 per share from $120, and it’s now tied for a Street high. “Emerson remains one of our top sector picks,” he said. Shares of the company are up 13% in 2024. Rollins “This stock is the bees knees and still a Buy,” analyst Jason Haas said of the pest control provider. Rollins is well positioned for “recession resiliency” among many other positive catalysts in the months ahead, he noted. “Pest control is one of the last things homeowners and business owners will cut back on in downturns,” Haas wrote. The analyst praised company management, noting its focus on expanding margins. Additionally, Haas likes Rollins’ diversified business across three areas: commercial, termite and residential. Meanwhile, shares of the company are up just 4% this year, but they are highly undervalued, according to the firm. Haas also thinks that the pest control company can outperform even in an economic crisis. “A high-growth compounder through economic cycles,” he said. Progressive…
2024-03-09 09:09:00
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