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💣 Stocks That Could Boom in June

💣 Stocks That Could Boom in June

Plus, home prices hit a new record...

June 21, 2024

Pencils down, it’s time for lunch. Here’s what you missed this morning:

🟨 | Market Snapshot: The Dow pulled back slightly, and the S&P 500 hovered near flat as Nvidia’s shares dipped for a second day.
📰 | In focus: According to the S&P Global flash readings released this morning, the US service sector activity hit its highest level in 26 months in June. Additionally, the PMI flash reading for manufacturing came in at 51.7, a three-month high and 0.4 points better than in May.
🥵 | Noteworthy: In May, inventory of homes for sale jumped up 6.7% month to month. Despite an increase in inventory, demand pushed the median home price in May to a record $419,300.
💣 | The Midday Trade: Stocks That Could Boom in June. Scroll down for more.

Plus, our partner is showing off their revolutionary software system that tracks the moves of institutional investors…. in real time…

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STREET STATS

Credit: Statista

MORNING MOVERS

Sarepta Therapeutics, Nike, & Asana

SRPT: Shares of Sarepta Therapeutics jumped after the FDA approved the expanded use of its Duchenne muscular dystrophy drug (MW)

NKE: Nike’s stock rose after Oppenheimer upgraded it from Perform to Outperform and raised its price target from $110 to $120 (YF)

ASAN: American software company Asana saw its stock surge upon announcing its board of directors approved a $150 million stock repurchase program (BW)

GILD: Shares of Gilead Sciences continued to rise following a massive rally yesterday on news of its 100% effective HIV prevention shot (QZ)

NVDA: Nvidia’s stock slipped, adding to losses from yesterday as the chip maker’s post-stock-split rally looks to be running out of steam (Barron’s)

TOP CALLS

Veeva Systems: RBC Capital Reiterates Outperform on Veeva Systems, Maintains $250 Price Target (Trade It)

Millicom: Scotiabank Maintains Sector Outperform on Millicom Intl Cellular, Raises Price Target to $30 (Trade It)

Lennar: Citigroup Maintains Buy on Lennar, Lowers Price Target to $174 (Trade It)

OptimizeRX: JMP Securities Reiterates Market Outperform on OptimizeRx, Maintains $16 Price Target (Trade It)

Cabaletta Bio: Cantor Fitzgerald Reiterates Overweight on Cabaletta Bio, Maintains $50 Price Target (Trade It)

KKR: Keefe, Bruyette & Woods Maintains Outperform on KKR, Maintains $116 Price Target (Trade It)

THE MIDDAY TRADE

Stocks That Could Boom in June

Elite Material

Goldman Sachs (GS) recently unveiled its top global stock picks for June.

First up is Elite Material (2383). The firm views the Taiwanese electronic components producer as an under-the-radar AI play. It controls around 40% of the market of AI-powered computers, servers, and smartphones.

Investors can gain access to the stock through the Taiwan Stock Exchange and the SmartETFs Asia Pacific Dividend Builder ETF. Elite Material currently makes up 2.9% of the ETF’s holdings. Goldman thinks the stock has a 54% upside.

Thai Oil

The investment bank is also bullish on Thai Oil (TOIPY) due to its strong cash flow and earnings.

According to analyst Nikhil Bhandari, its current sustainable fuel project could result in a 45% increase in capacity and a 40% jump in EBITDA per barrel margin accretion.

Investors can access the stock on the Stock Exchange of Thailand or its Nasdaq ADR. Goldman believes it has around 43% upside.

Signify

Signify (PHPPY), a Dutch lighting company, caught Goldman’s eye as well. The bank thinks it could rise as much as 63%.

Analyst Daniela Costa likes the stock due to its improving margins. She also believes it will benefit from changes to the European construction industry, which is its biggest market.

Investors can access Signify via the Euronext Amsterdam stock exchange as well as its Nasdaw-listed ADR.