Jefferies is identifying potential breakout stocks with increasing earnings estimates, despite ongoing macroeconomic concerns and potential Fed rate cuts. With the fourth-quarter earnings season showing resilient profits, Jefferies Equity Research screened for U.S. companies with at least $4 billion market capitalization, 15% analyst price target upside, and higher 2024 earnings estimates over the past three months. Among the stocks that made the list is SharkNinja, despite a 7% YTD dip. However, analysts remain optimistic with a 23% upside over the next 12 months, and Guggenheim recently initiated coverage with a buy rating. Another company on the list is Amazon, which has seen a 12% YTD climb and increased earnings estimates by more than 15% over the past three months, following a strong fourth-quarter performance and a strong first-quarter sales forecast.
SharkNinja and Amazon are two of the companies identified by Jefferies Equity Research as potential breakout stocks with increasing earnings estimates. Despite a 7% YTD dip for SharkNinja, analysts are optimistic with a 23% upside over the next 12 months. Guggenheim recently initiated coverage with a buy rating, citing the company’s “industry leading” appliance roster and expected near-term outperformance. On the other hand, Amazon, which has seen a 12% YTD climb, surpassed Wall Street estimates in the fourth quarter and issued a higher-than-expected first-quarter sales forecast. With earnings estimates rising by more than 15% over the past three months, Amazon is one of the stocks with potential for further growth and a breakout.
In addition to SharkNinja and Amazon, other companies on the list of potential breakout stocks include GM and Chevrolet truck maker General Motors, as well as Live Nation Entertainment. With the fourth-quarter earnings season showing resilient profits and ongoing macroeconomic concerns, Jefferies Equity Research is identifying U.S. companies with potential for further growth based on specific criteria. These companies, including SharkNinja and Amazon, have seen increasing earnings estimates and are poised for potential breakouts in the near future.
