UBS Identifies Best Stocks for 2024
Investment bank UBS has released its top stock picks for 2024, highlighting companies that it believes are attractively valued and well-positioned to navigate the current economic landscape. These stocks include Target, Teck Resources, General Motors, Dell, and CrowdStrike.
Dell: Undervalued with Strong Growth Potential
Dell is recommended by UBS analyst David Vogt as the top pick for 2024. Despite already doubling in value over the past year, Vogt believes that Dell still has room for growth. He points to the company’s buybacks and improving end markets as factors that will drive up its stock price. Vogt acknowledges that the IT spending market is uncertain but considers Dell to have the best risk/reward ratio.
Teck Resources: Bullish on Copper Growth
UBS initiated coverage of Teck Resources and named it a top pick for 2024. Analyst Curt Woodworth highlights Teck Resources’ Chilean copper mining project, known as Quebrada Blanca Phase 2 (QB2), as a key driver of its growth. The completion of the sale of the company’s steelmaking coal business is also seen as positive by Woodworth, allowing investors to focus on Teck Resources’ base metal growth story.
Target: A Standout Retailer
Analyst Michael Lasser and his team at UBS are optimistic about Target’s prospects. They anticipate sales and profits improving in the coming year, even in a challenging environment. Lasser notes that evidence suggests shrink (loss prevention) is reaching an inflection point, which should benefit several retailers, including Target.
CrowdStrike: Positioned for Success in Cybersecurity
UBS reiterates its Buy rating for CrowdStrike and increases its price target. The firm believes that CrowdStrike is one of the best-positioned stocks in the cybersecurity sector, benefiting from expected PC shipment growth and a stabilizing competitive environment. UBS sees CrowdStrike as a strong investment heading into 2024.
Hot Take: UBS Highlights Stocks with Growth Potential
UBS has identified several stocks that it believes offer significant growth potential in 2024. These include Dell, Teck Resources, Target, and CrowdStrike. Analysts at UBS highlight various factors such as undervaluation, expansion projects, improving market conditions, and positive industry trends as reasons to consider investing in these companies. While each stock carries its own risks, UBS sees them as attractive opportunities for investors looking to capitalize on future growth.
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