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U.S. stock markets have witnessed renewed momentum in 2024 after an impressive 2023. The bull run continued for the past 18 months, barring some minor fluctuations. Meanwhile, market participants are expecting a 100% chance of the first rate cut to be initiated at the Fed FOMC meeting scheduled to start today.
Aside from the three major stock indexes, the mid-cap-centric S&P 400 index is up 10.2% year to date. Within the mid-cap space, a handful of stocks (market capital greater than $8 billion but currently less than $10 billion) have the potential to become large caps in the near future.
Five such stocks are Maplebear Inc. CART, Norwegian Cruise Line Holdings Ltd. NCLH, Sirius XM Holdings Inc. SIRI, Abercrombie & Fitch Co. ANF and Pilgrim's Pride Corp. PPC.
These stocks have seen positive earnings estimate revisions in the last 60 days and have strong price upside potential in the short-term. Each of our picks currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Why Mid-Cap Stocks?
Investment in mid-cap stocks is often recognized as a good portfolio diversification strategy. These stocks combine the attractive attributes of both small and large-cap stocks. Top-ranked, mid-cap stocks have a high potential to enhance their profitability, productivity and market share. These may also become large-cap over time.
If the economic growth slows down due to any unforeseen internal or external disturbance, mid-cap stocks will be less susceptible to losses than their large-cap counterparts owing to less international exposure.
On the other hand, if the economy continues to thrive, these stocks will gain more than small caps due to established management teams, a broad distribution network, brand recognition and ready access to the capital markets.
5 Mid-Caps Set to Turn to Large-Cap Stocks
These stocks could be poised to cross $10 billion in valuation, the yardstick for large-cap stocks status:
Maplebear Inc.
Maplebear is a grocery technology company operating principally in North America with grocers and retailers to transform how people shop. CART’s Instacart Platform offers retailers a suite of enterprise-grade technology products and services to power their e-commerce experiences, fulfill orders, digitize brick-and-mortar stores, provide advertising services, and glean insights. CART also operates virtual convenience stores; and provides software-as-a-service solutions to retailers.
Attractive Short-Term Price Upside Potential for CART Stock
The Zacks Consensus Estimate for the current-year earnings of CART has improved 10.9% in the last 60 days. The short-term average price target of brokerage firms for the stock represents an increase of 18.6% from the average target price of $43.85. The brokerage target price is currently in the range of $32-$52.
Norwegian Cruise Line Holdings Ltd.
Norwegian Cruise Line reported solid second-quarter 2024 results, with earnings and revenues surpassing the Zacks Consensus Estimate. NCLH is benefiting from strong demand, high pricing and increased booking volumes, leading to record advance ticket sales.
NCLH’s focus on fleet expansion efforts and digital initiatives bodes well. These factors showcase that the company’s strategy is well-aligned with its growth goals and 2026 financial and sustainability targets. Given the substantial progress made so far and current demand expectations, NCLH raised its 2024 full-year guidance.
NCLH Stock Has Impressive Price Appreciation Potential
The Zacks Consensus Estimate for the current-year earnings of NCLH has improved 12.1% in the last 60 days. The short-term average price target of brokerage firms for the stock represents an increase of 16.8% from the average target price of $22.58. The brokerage target price is currently in the range of $17.5-$32.
Sirius XM Holdings Inc.
Sirius XM has been benefiting from an improvement in ad revenues, offset by a decline in Sirius XM Standalone’s paid promotional subscribers. SIRI continues to bolster its content offerings by adding content from all spheres, including music, politics, news and sports, to its platform. SIRI’s expanded podcast efforts fit well with the existing advertising-led focus at Pandora and AdsWizz and are expected to improve monetization in the near term.
Huge Price Upside Potential for SIRI Shares
The Zacks Consensus Estimate for the current-year earnings of SIRI has improved 2.7% in the last seven days. The short-term average price target of brokerage firms for the stock represents a jump of 51.2% from the average target price of $37.05. The brokerage target price is currently in the range of $25-$65.
Abercrombie & Fitch Co.
Abercrombie & Fitch has benefited from continued momentum across its both brands, which bolstered sales in fiscal 2024. ANF witnessed strong sales growth for each of its brands during the last reported quarter.
ANF reported sturdy second-quarter fiscal 2024 results. Management anticipates net sales for fiscal 2024 to increase 12-13% year over year from $4.3 billion. For third-quarter fiscal 2024, net sales are projected to be up in low double digits year over year compared with our estimate of a 10.1% rise.
Robust Price Upside Potential for ANF Shares
The Zacks Consensus Estimate for the current-year earnings of ANF has improved 1.5% in the last seven days. The short-term average price target of brokerage firms for the stock represents a jump of 29.6% from the average target price of $184.33. The brokerage target price is currently in the range of $147-$220.
Pilgrim's Pride Corp.
Pilgrim's Pride’s portfolio diversification strategies, including its focus on branded offerings and strategic key customer partnerships, play a crucial role in driving growth. Focus on key customers is a pathway for refining PPC’s portfolio and creating competitive advantages over its peers.
PPC’s strategic investments in its U.S. and Mexican operations, including new facilities and expanded capacities, support growth. In addition to expansion, PPC is focused on cost-cutting measures, including optimizing operational processes and reducing grain input costs, which is driving profitability.
Solid Price Upside Potential for PPC Stock
The Zacks Consensus Estimate for the current-year earnings of PPC has improved 12.9% in the last 60 days. The short-term average price target of brokerage firms for the stock represents an increase of 13.5% from the average target price of $45.80. The brokerage target price is currently in the range of $36-$55.
Zacks Investment Research
Tractor Supply Company TSCO seems to be in a good spot, thanks to its strong business strategies. The company is reaping the benefits of its Life Out Here Strategy and the Neighbor’s Club membership program. Its ‘ONETractor’ strategy, which is aimed at connecting stores and online shopping, appears encouraging too. The company has been accelerating its digital capabilities, which has been leading to higher customer engagement and improvement in the conversion rate. The overall customer base has been robust with healthy customer engagement.
Given the changing consumer trends, Tractor Supply is focused on integrating its physical and digital operations to offer consumers a seamless shopping experience. The company’s omnichannel investments include curbside pickup, same-day and next-day delivery, a re-launched website and a new mobile app.
TSCO is significantly enhancing its Neighbor's Club offering. Growth in customer counts and customer retention remain sturdy. Tractor Supply launched Hometown Heroes, which helps recognize military service members, veterans and first responders. This program comes with one banner, which is supporting selfless men and women. We note that nearly 20% of the Hometown Heroes as of the second quarter of 2024 were new to Neighbor's Club and 15% new to Tractor Supply.
In the most recent quarter, Neighbor's Club comp sales surpassed the company’s overall sales. Tractor Supply has reached an all-time high in its sales penetration, recording membership of more than 36 million. About 5 million members were added in the last 12 months. The company concentrates on improving personalization capabilities, mainly its customer data platform, which is expected to be implemented later in the year. Its live goods performance also bodes well.
Regarding its store-growth initiatives, Tractor Supply is persistently focused on the expansion of its store base and the incorporation of technological advancements to boost traffic. These store investments target higher market share and boost productivity across existing and new stores. Its new store productivity seems appealing. The addition of new product categories, greater ease of shopping and modern services enables the company to serve its customers efficiently.
Factors Hindering TSCO’s Growth
Despite its robust initiatives, Tractor Supply is not immune to the difficulties of the current economic landscape. The company grapples with softness in goods. The ongoing shift in spending from goods to services has been a headwind. It has also been witnessing softness in its discretionary businesses like clothing, footwear and decor and in the hardline products of the business, including ag, fencing and pet kennels. As for the retail price, the company’s plans continue to show a headwind from deflation in the third quarter with a moderation in the fourth quarter.
Tractor Supply is reeling under higher depreciation and amortization along with the costs related to the opening of a distribution center. Cost inflation is also concerning. Due to these factors, selling, general and administrative expenses, including depreciation and amortization, as a percentage of sales, expanded 58 basis points year over year in the second quarter. In dollar terms, the metric rose 4.1%. Management anticipates modest fixed cost deleverage ahead. This is likely to affect the company’s profitability in the near term.
Conclusion
Nevertheless, shares of this leading rural lifestyle retailer have gained 37.4% in a year, outperforming the industry’s 14.2% growth. TSCO’s growth efforts have driven this outperformance.
Analysts seem quite optimistic about the company. The Zacks Consensus Estimate for 2024 sales and earnings per share (EPS) is currently pegged at $14.9 billion and $10.23, respectively. These estimates indicate corresponding growth of 2.4% and 1.4% year over year. The consensus estimate for 2025 sales and EPS is presently pegged at$15.8 billion and $11.13, respectively, implying a year-over-year increase of 5.7% and 8.9%.
Investors who already invested in the stock can retain this Zacks Rank #3 (Hold) company.
Key Picks
We have highlighted three better-ranked stocks, namely Abercrombie ANF, Boot Barn BOOT and Deckers DECK.
Abercrombie & Fitch, a leading casual apparel retailer, currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Abercrombie’s current financial-year sales indicates growth of 13.1% from the year-ago figure. ANF delivered an earnings surprise of 16.8% in the last reported quarter.
Boot Barn, a leading footwear, apparel and accessories retailer, presently flaunts a Zacks Rank of 1. BOOT delivered an average earnings surprise of 7.1% in the trailing four quarters.
The Zacks Consensus Estimate for Boot Barn’s current financial-year sales indicates growth of 11.6% from the year-ago figure.
Deckers, a footwear and accessories dealer, currently carries a Zacks Rank #2 (Buy). DECK delivered an average earnings surprise of 47.2% in the trailing four quarters.
The Zacks Consensus Estimate for Deckers’ current financial-year sales indicates growth of 11.5% from the year-ago figure.
Zacks Investment Research
MGM Resorts International's MGM sports betting and iGaming brand, BetMGM, has entered a multi-year partnership with Gannett Co., Inc. (GCI) to act as the preferred online sportsbook and casino partner for USA TODAY Sports.
Per the agreement, BetMGM will provide sports betting odds and detailed betting information across the extensive USA TODAY Network, which spans more than 200 local U.S. markets in 43 states. This partnership will also leverage over 300 digital news and media brands within the network's portfolio to enhance its reach and coverage.
BetMGM's sports betting odds, including moneylines, spreads and over/unders, will be integrated into content across the USA TODAY Network. The Bet Now feature will also be available. BetMGM Sportsbook and BetMGM Casino will be listed as partners in website footers. The company aims to leverage this partnership to enhance fan engagement with sports betting throughout the football season and beyond.
Sports Betting to Boost MGM's Growth
Sports betting and iGaming continue to be a major growth driver for MGM. The company continues to focus on sports betting expansion. During second-quarter 2024, the company reported notable progress in its digital strategy, particularly with BetMGM and the acquisition of LeoVegas. The company advanced its ownership of technology by acquiring Push Gaming for proprietary content and Tipico’s U.S. sports betting platform.
The recent introduction of a Live Dealer product in partnership with Playtech further enhances its digital offerings. On the international front, MGM reported substantial developments, including an in-house sports product and live dealer features for online gaming.
BetMGM remained profitable in the second quarter, largely driven by the iGaming business, which generates around $400 million annually. The company achieved significant strides in enhancing its sports product through key partnerships. Management remains confident in the brand’s long-term growth, emphasizing the value of their strategic partnership and ongoing commitment to business expansion.
MGM’s Price Performance
Shares of this owner and operator of casino resorts through wholly-owned subsidiaries have lost 17.4% in the past six months against the Zacks Gaming industry’s 10.8% growth. Although the company’s shares have underperformed its industry, MGM’s ongoing focus on sports betting and iGaming, along with international expansion, asset-light strategy and non-gaming activities is likely to foster growth in the upcoming period.
Zacks Rank & Other Key Picks
MGM Resorts currently carries a Zacks Rank #2 (Buy).
Here are some other top-ranked stocks from the Consumer Discretionary sector.
DoubleDown Interactive Co., Ltd. DDI currently sports a Zacks Rank of #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
DDI has a trailing four-quarter earnings surprise of 22.1%, on average. The stock has increased 43.4% in the past year. The Zacks Consensus Estimate for DDI’s 2024 sales and earnings per share (EPS) indicates an increase of 12.6% and 15.8%, respectively, from the year-ago levels.
Norwegian Cruise Line Holdings Ltd. NCLH currently sports a Zacks Rank of #1. NCLH has a trailing four-quarter earnings surprise of 5.7%, on average. The stock has moved up 15.9% in the past year.
The Zacks Consensus Estimate for NCLH’s 2024 sales and EPS indicates an increase of 9.8% and 125.7%, respectively, from the year-ago levels.
Royal Caribbean Cruises Ltd. RCL currently sports a Zacks Rank #2. RCL has a trailing four-quarter earnings surprise of 18.5%, on average. The stock has gained 76.9% in the past year.
The Zacks Consensus Estimate for RCL’s 2024 sales and EPS indicates growth of 18.1% and 71.1%, respectively, from the year-ago levels.
Zacks Investment Research
IQVIA Holdings Inc. IQV had an impressive run in the past three months. The company’s shares have gained 12.5% compared with the 3.4% rally of its industry and the 2.5% rise of the Zacks S&P 500 composite.
IQV reported impressive second-quarter 2024 results. Adjusted earnings (excluding 67 cents from non-recurring items) were $2.6 per share, outpacing the Zacks Consensus Estimate by 2.3% and increasing 2.4% on a year-over-year basis. Total revenues of $3.8 billion surpassed the consensus estimate marginally and rose 2.3% from the year-ago quarter.
How is IQVIA Doing?
IQVIA’s addressable market size is more than $330 billion, and consists of outsourced research and development, real-world evidence and connected health, and technology-enabled clinical and commercial operations markets. IQV aspires to expand and penetrate these markets on the back of innovation and enhancements to its services utilizing its database, advanced analytics, transformative technology, and significant domain expertise.
IQV’s treasure trove of information is a distinguishing asset and perhaps acts as a hindrance to entry for competitors. It has a vast collection of healthcare data that encompasses more than one billion comprehensive, longitudinal, non-identified patient records across sales, prescription and promotional data, electronic medical records, medical claims, genomics, and social media. The distinct ability to standardize, organize and integrate this information through applying complex analytics and global technology infrastructure helps IQV build a strong client base.
A set of robust capabilities strengthens IQVIA’s position in the life sciences space and enables it to make the most of the market opportunities. IQV has a strong healthcare-specific global IT infrastructure, analytics-driven clinical development capabilities, a robust real-world solutions ecosystem, and a growing set of proprietary clinical and commercial applications that allow it to grow and strengthen its relationships with healthcare stakeholders.
IQVIA Holdings Inc. Revenue (TTM)
IQVIA Holdings Inc. revenue-ttm | IQVIA Holdings Inc. Quote
A diversified base of more than 10,000 clients in above 100 countries is a result of IQVIA’s combined offerings of research and development, and commercial services.
IQV has a consistent record of share repurchases. In 2023, the company repurchased shares worth $992 million. In 2022, it repurchased $1.17 billion worth of shares. In 2021, share repurchases of $406 million were made. Strategies like these positively impact the bottom line and boost investor morale.
Dividend-seeking investors should avoid buying IQVIA. The company has no plan to pay cash dividends on common stock at present. Future dividend payments depend on factors such as financial condition, cash requirements and contractual restrictions.
IQVIA’s current ratio (a measure of liquidity) at the end of second-quarter 2024 was pegged at 0.85, lower than the industry’s 2. A current ratio of less than 1 often indicates that a company may have problems paying off its short-term obligations. It has increased 63% sequentially in the second quarter.
Zacks Rank & Stocks to Consider
IQVIA carries a Zacks Rank #3 (Hold) at present.
Some better-ranked stocks in the broader Zacks Business Services sector are Lightspeed POS LSPD and Maplebear Inc. CART.
Lightspeed POS currently sports a Zacks Rank of 1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
LSPD has a long-term earnings growth expectation of 33.4%. It delivered a trailing four-quarter earnings surprise of 188.3%, on average.
Maplebear flaunts a Zacks Rank of 1 at present. It has a long-term earnings growth expectation of 27.5%.
CART delivered a trailing four-quarter earnings surprise of 414.6%, on average.
Zacks Investment Research
Beacon Roofing Supply, Inc. BECN has expanded its market reach by launching its no-cost digital tool, Beacon PRO+, in Canada.
Many U.S. roofing contractors use Beacon PRO+ to manage their business and sales process anywhere and anytime. This convenient tool allows customers to find optimized product descriptions and specifications for their area and order templates, thus enabling a complete and accurate order.
Contractors in Canada can avail of the Beacon PRO+ in English and French, thereby enabling them to stand out from competitors with responsiveness and efficient planning. The revolutionary digital platform is on the job 24/7, making business transactions faster for Canadian contractors.
BECN stock gained 1.3% during the trading hours and 0.5% in the after-hours on Monday, post the announcement.
BECN’s Focus on Ambition 2025 Plan
Beacon has been intently focusing on several strategic initiatives to drive its long-term ambition of growing and enhancing customer experience, expanding its top line and margin and boosting value for customers, suppliers, employees and shareholders. To add value to the aforementioned expectations, the company is currently focusing on delivering the expected targets through the Ambition 2025 plan.
Expanding its digital platforms and market penetration is one of the key elements of Beacon’s Ambition 2025 plan. It continues to drive growth and enhance margins through its digital initiatives. In the second quarter of 2024, the company’s digital sales rose nearly 22% year over year and reached approximately 26% of residential sales, underscoring contractors’ growing demand for digital tools. Furthermore, during the said time, sales through the digital platform boosted customer loyalty, increased basket sizes and enhanced margins by approximately 150 basis points compared with offline channels.
Shares of this publicly traded distributor of residential and non-residential roofing materials gained 10.1% in the past year compared with the Zacks Building Products - Retail industry’s 21.1% growth. Various external factors like weather and weaker storm demand along with ongoing macroeconomic uncertainties might have been impacting the stock’s performance. Nonetheless, the focus on fulfilling the Ambition 2025 plan through the necessary strategic efforts positions BECN well for growth in the near term.
BECN’s Zacks Rank & Key Picks
Beacon currently carries a Zacks Rank #3 (Hold).
Here are some better-ranked stocks from the Zacks Retail-Wholesale sector.
Abercrombie & Fitch Co. ANF currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
ANF has a trailing four-quarter earnings surprise of 28%, on average. The stock has surged 164.5% in the past year. The Zacks Consensus Estimate for ANF’s fiscal 2024 sales and earnings per share (EPS) indicates growth of 13.1% and 63.4%, respectively, from the year-ago period’s levels.
Boot Barn Holdings, Inc. BOOT currently sports a Zacks Rank of 1. BOOT has a trailing four-quarter earnings surprise of 7.1%, on average. The stock has gained 80.6% in the past year.
The consensus estimate for BOOT’s fiscal 2025 sales and EPS indicates growth of 11.6% and 10.7%, respectively, from the year-ago period’s levels.
Sprouts Farmers Market, Inc. SFM currently sports a Zacks Rank of 1. SFM has a trailing four-quarter earnings surprise of 12%, on average. The stock has risen 161.7% in the past year.
The Zacks Consensus Estimate for SFM’s 2024 sales and EPS indicates a rise of 9.6% and 18.7%, respectively, from the year-ago period’s levels.
Zacks Investment Research
The proven Zacks Rank system focuses on earnings estimates and estimate revisions to find winning stocks. Nevertheless, we know that our readers all have their own perspectives, so we are always looking at the latest trends in value, growth, and momentum to find strong picks.
Considering these trends, value investing is clearly one of the most preferred ways to find strong stocks in any type of market. Value investors rely on traditional forms of analysis on key valuation metrics to find stocks that they believe are undervalued, leaving room for profits.
In addition to the Zacks Rank, investors looking for stocks with specific traits can utilize our Style Scores system. Of course, value investors will be most interested in the system's "Value" category. Stocks with "A" grades for Value and high Zacks Ranks are among the best value stocks available at any given moment.
One company value investors might notice is Sirius XM (SIRI). SIRI is currently sporting a Zacks Rank of #1 (Strong Buy), as well as an A grade for Value.
Investors should also note that SIRI holds a PEG ratio of 0.75. This figure is similar to the commonly-used P/E ratio, with the PEG ratio also factoring in a company's expected earnings growth rate. SIRI's industry has an average PEG of 1.91 right now. Over the past 52 weeks, SIRI's PEG has been as high as 2.70 and as low as 0.75, with a median of 1.36.
Finally, we should also recognize that SIRI has a P/CF ratio of 4.98. This metric takes into account a company's operating cash flow and can be used to find stocks that are undervalued based on their solid cash outlook. This stock's P/CF looks attractive against its industry's average P/CF of 11.90. SIRI's P/CF has been as high as 11.86 and as low as 4.98, with a median of 8.48, all within the past year.
These are just a handful of the figures considered in Sirius XM's great Value grade. Still, they help show that the stock is likely being undervalued at the moment. Add this to the strength of its earnings outlook, and we can clearly see that SIRI is an impressive value stock right now.
Zacks Investment Research
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