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Top 3 stocks analysts say it will soar in 2021
Sentiment is on the rise as the 2020 annus horribilis draws to a close. There is a feeling, after everything we’ve been through over the past ten months, that things just can’t get worse. And so, investors are eagerly awaiting 2021. Two major factors of market uncertainty are about to be resolved. First, COVID-19 vaccines are in development, and two large pharmaceutical companies have announced that the vaccines will be available in a few months. And second, Democrat Joe Biden will take office in the White House, with heightened opposition from the GOP in Congress. The prospect of relief from the coronavirus and a divided government unable to enact extreme or controversial measures promises a degree of stability that will be welcome. A sense of optimism and a perception that there are opportunities available, the Wall Street analysts are marking stocks for success. We pulled TipRanks data on three stocks that senior analysts rated as potentially strong investments. These are buy-rated stocks, with double-digit upside potential for the coming year. LendingTree, Inc. (TREE) First, LendingTree, the online marketplace that connects borrowers and lenders . The company offers borrowers options to purchase competitive rates, loan terms and various financing products. Offers, from multiple funding sources, include credit cards, deposit accounts and insurance products. LendingTree is based in North Carolina, with offices in New York, Chicago, and Seattle. In the third quarter, the company posted mixed tax results. Revenue rose sequentially, gaining 19% to $ 220 million – but profits declined, both sequentially and year over year. At minus $ 1.33, EPS was net negative, and well below $ 1.70 from the previous year’s quarter. turndown after Q3 results. Tandon noted: “[We] remain positive on TREE LT shares as we believe the company is well positioned to generate solid and consistent income… Consumer income fell 68% year-on-year as the pandemic limited the creation of consumer credit, but better personal loan volumes and a seasonal boost in student loan business… ”“ TREE’s diverse portfolio of personal finance products and the strong secular trends that have driven the shift from advertising and buying to Personal finance to digital channels will help the company meet its growth goals at LT, ”concluded the analyst. To this end, Tandon values TREE a Buy and sets a price target of $ 375. At current levels, its target suggests a 44% rise for the stock in 2021. (To look at Tandon’s track record, click here) LendingTree has a unanimous Strong Buy analyst rating, based on 6 Buy ratings established last week. The average share price target, $ 362, implies that it has room for 39% growth from the current share price of $ 260.09. (See TREE stock market analysis on TipRanks) Allegro MicroSystems (ALGM) Allegro MicroSystems is a semiconductor company and factory-less manufacturer of integrated circuits for sensor systems and analyst power technologies. The company’s products are used in the automotive and industrial sectors and include solutions for the development of electric vehicle control systems. Allegro circuit chips can also be found in data centers and green power applications. Allegro is new to the stock markets, having held its IPO last October. The stock started at $ 14 per share and the company has put 25 million shares up for sale. On its first day of trading, it closed at over $ 17 a share, bringing in over $ 440 million for the IPO. Since then, ALGM has gained 35% in less than four weeks of trading. Vijay Rakesh, 5-star analyst at Mizuho, is clearly optimistic about this new open company. “We believe Allegro is leading the first steps in a decades-long transformation in sensing, automotive electrification and power distribution, with a substantial advantage over its leadership in the magnetic sensor industry, a Differentiated Power IC roadmap and a factory-less operating model. Allegro’s xMR Sensors and Power Integrated Circuits Drive Technology Platform Leadership and Improve Performance, Accuracy, and Control for Growing Electric Vehicle Market and Industry 4.0 – Key for next-generation electrified automotive powertrains, data centers and factory automation, ”Rakesh wrote. His optimistic comments, Rakesh gives this stock a buy rating and a price target of $ 28. Its target implies an upside potential of around 17% for the next 12 months. (To look at Rakesh’s track record, click here) Overall, this chipmaker is a Wall Street favorite. Out of 6 analysts surveyed over the past 3 months, all 6 are bullish on ALGM. With a potential return of ~ 18%, the consensual target price of the stock stands at $ 28.29. (See ALGM Market Analysis on TipRanks) American Well (AMWL) American Well, also known as AmWell, connects patients, healthcare providers and insurers to promote quality care outcomes in a digital world. The company has more than 55 major insurers and more than 62,000 providers integrating its service into their networks, providing access to more than 80 million potential patients. AmWell is another newcomer to the markets. Last September, the company went public and raised more than $ 742 million. More than 41.2 million shares were sold, at an original price of $ 18. This compares well with the 35 million shares and the expected price of $ 14 to $ 16 ahead of the event. During its first quarter of trading as a public company, AmWell reported several gains in key metrics. Revenue increased year over year, increasing 80% to $ 62.6 million. The total of active suppliers – over 62,000 – represents an increase of 930% over the past year and shows strong growth for the company. And the company recorded more than 1.4 million patient visits in the quarter, an increase of 450% from the quarter last year. Piper Sandler 5-star analyst Sean Wieland notes the importance of network growth to AMWL, writing in his action note: “62K vendors use the AMWL network, nearly 10 times compared to it One year ago The increase is mainly attributable to providers employed or affiliated with AMWL’s healthcare systems and paying clients… As the number of providers on the network increases, so does the value of the network; network makes it easier for patients to find the right supplier and providers to find the right patient. months. (To view Wieland’s review, click here) Overall, AMWL’s moderate buying consensus score is based on on 8 notices, including 5 buys and 3 takes. The stocks sell for $ 24.71 and their average price target, at $ 35.86, represents a potential upside of 45%. (See AMWL market analysis on TipRanks ) To find good ideas for stocks traded at s attractive valuations, visit the best stocks to buy from TipRanks, a newly launched tool that brings together all the information about TipRanks stocks. those of featured analysts. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.
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