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Here are five stocks added to the Zacks Rank #1 (Strong Buy) List today:
Opera Limited OPRA: This company which provides web browsers, Opera News, an AI-driven content discovery platform, has seen the Zacks Consensus Estimate for its current year earnings increasing 12.8% over the last 60 days.
Opera Limited Sponsored ADR Price and Consensus
Opera Limited Sponsored ADR price-consensus-chart | Opera Limited Sponsored ADR Quote
Canon CAJPY: This company which is an industry leader in professional and consumer imaging equipment and information systems, has seen the Zacks Consensus Estimate for its current year earningsincreasing 10.6% over the last 60 days.
Canon, Inc. Price and Consensus
Canon, Inc. price-consensus-chart | Canon, Inc. Quote
Sterling Infrastructure, Inc. STRL: This company which operates through subsidiaries within segments specializing in E-Infrastructure, Building and Transportation Solutions principally in the United States, has seen the Zacks Consensus Estimate for its current year earnings increasing 6.8% over the last 60 days.
Sterling Infrastructure, Inc. Price and Consensus
Sterling Infrastructure, Inc. price-consensus-chart | Sterling Infrastructure, Inc. Quote
OFG Bancorp OFG: This financial holding company that conducts its business activities through its subsidiaries, primarily in Puerto Rico, has seen the Zacks Consensus Estimate for its current year earnings increasing 6.2% over the last 60 days.
OFG Bancorp Price and Consensus
OFG Bancorp price-consensus-chart | OFG Bancorp Quote
Pathward Financial, Inc. CASH: This company which provides banking products and services principally in the United States, has seen the Zacks Consensus Estimate for its current year earnings increasing 6.2% over the last 60 day.
Pathward Financial, Inc. Price and Consensus
Pathward Financial, Inc. price-consensus-chart | Pathward Financial, Inc. Quote
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Zacks Investment Research
Opera Limited OPRA shares have increased 19% in the past month against the Zacks Computer & Technology sector’s drop of 0.3% and the Zacks Internet - Content sector’s rise of 1.9%.
OPRA’s robust stock price performance has been driven by its impressive second-quarter 2024 results.
Revenues reached $110 million, up 17% year over year. The upside can be attributed to continued momentum in user adoption and broader monetization efforts, particularly in advertising and search revenues.
Advertising revenue grew by 20% year-over-year to reach $65 million, while Search revenues saw a 15% increase and rose to $45 million.
Opera Limited Sponsored ADR Price and Consensus
Opera Limited Sponsored ADR price-consensus-chart | Opera Limited Sponsored ADR Quote
Opera saw a 25% year-over-year increase in average revenue per user (ARPU), reaching an annualized $1.46 across its products and geographies.
So, does the expanding user base driven by an expanding portfolio makes OPRA stock a buy?
Let’s dig deep to find out its growth potential.
Strong Portfolio & Partner Base Aids OPRA’s Prospects
In second-quarter 2024, Opera launched several new products and updates, such as Opera One for iOS and the Opera GX gaming browser, which helped expand its user base.
Opera GX, in particular, saw remarkable success, adding 500,000 new users in the second quarter. This brought its total to 30 million monthly active users (MAUs), up 27% year over year.
Opera’s Aria AI assistant upgrades have significantly increased user engagement and monetization, supporting its goal of enhanced AI-driven features.
OPRA’s prospects are also driven by its rich partner base that includes Alphabet’s GOOGL cloud business Google Cloud, Microsoft MSFT and NVIDIA NVDA.
In May, Opera announced a collaboration with Alphabet’s Google Cloud to integrate Gemini models into its Aria browser AI, enhancing user experiences with advanced image generation and text-to-audio capabilities.
Opera also launched an Arm-optimized version of its browser, offering over twice the speed on Arm-based Windows systems and enhanced AI capabilities with support from Microsoft’s App Assure and Qualcomm Technologies.
Opera’s new AI cluster in Keflavik, Iceland, uses green energy and NVIDIA DGX SuperPOD with H100 Tensor Core GPUs. This setup promises four times faster training and 30 times faster inference, boosting AI capabilities for its browsers and services.
OPRA Q3 Guidance Positive
For third-quarter 2024, OPRA expects revenues in the $119-$121 million range, suggesting an increase of 17% year over year at the midpoint.
The Zacks Consensus Estimate for third-quarter 2024 revenues is currently pegged at $120.75 million, suggesting 17.64% growth year over year.
The consensus mark for earnings is currently pegged at 23 cents, increasing 15% in the past 30 days and calling for year-over-year growth of 27.78%.
Zacks Rank & Valuation
OPRA’s shares are currently trading at a significant discount to the industry average, making the stock more attractive on the valuation front. With a Valuation Score of A, the stock appears to be undervalued at present.
The forward 12-month Price/Sales ratio for OPRA stands at 3.08X, significantly below the industry average of 6.17X.
OPRA has a strong product portfolio and partner base, which are likely to provide traction to the demand for its products. The stock’s attractive valuation also makes it worth investing in right now.
At present, OPRA has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Zacks Investment Research
KBR, Inc. KBR received a conceptual study contract from one of the world's largest shipbuilders in South Korea — Samsung Heavy Industries (“SHI”).
This first-of-its-kind floating ammonia production facility is part of SHI's diversification in the ocean energy business, with a focus on maritime technology. The process will involve KBR's low-carbon blue ammonia process technology and leverage SHI's expertise in the design of mega-floating vessels.
KBR’s Technology Business Bodes Well
KBR’s focus on a resilient business model and efficiency-boosting initiatives have sparked its project-winning momentum. It remains at the forefront of pioneering decarbonization initiatives through continuous process innovation and harnessing low-carbon technologies to reduce emissions effectively.
KBR has been at the forefront of innovation in the ammonia market for decades. Since 1943, it has licensed, engineered, or constructed more than 260 grassroot ammonia plants across the globe.
In the second quarter of 2024, KBR received $2.1 billion in bookings and options in highly strategic areas, with a trailing 12-month book-to-bill of 1x. Total revenues increased 6% to $1.86 billion year over year. The upside was backed by growth across Sustainable Technology Solutions (STS), as well as the Government Solutions’ (GS) new and on-contract growth across International, Defense & Intel, and Science and Space, partially offset by contraction in Readiness & Sustainment due to Ukraine funding delays.
As of June 28, 2024, the total backlog (including award options of $3.332 billion) was $20.1 billion compared with $21.73 billion at 2023-end. Of the total backlog, GS booked was $12.89 billion. The STS segment contributed $3.92 billion to the total backlog.
KBR’s Stock Performance
Shares of this company have gained 11.1% in the year-to-date period compared with the Zacks Engineering - R and D Services industry’s 25.4% growth. Although shares of the company have underperformed its industry, new and on-contract growth across its GS businesses and increased demand for sustainable services and technology are likely to be beneficial in the upcoming period.
Backed by its solid performance in the first half and improving global demand for its services, KBR raised its adjusted earnings per share (EPS) projection to the range of $3.15-$3.30 from $3.10-$3.30 expected earlier.
KBR’s EPS estimate for 2024 has moved up by a cent to $3.25 in the past seven days, which reflects 11.7% year-over-year growth on a 9.6% increase in revenues.
KBR’s Zacks Rank & Key Picks
Currently, KBR carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the same space are:
Howmet Aerospace Inc. HWM presently sports a Zacks Rank #1 (Strong Buy). HWM has a trailing four-quarter earnings surprise of 10.9%, on average. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for HWM’s 2024 sales and EPS indicates a rise of 12.6% and 40.8%, respectively, from the prior-year levels.
Sterling Infrastructure, Inc. STRL presently carries a Zacks Rank #2 (Buy). Sterling Infrastructure has a trailing four-quarter earnings surprise of 17.4%, on average.
The Zacks Consensus Estimate for STRL’s 2024 sales and EPS indicates a rise of 9.7% and 26.6%, respectively, from the prior-year levels.
M-tron Industries, Inc. MPTI currently carries a Zacks Rank #2. It has topped earnings estimates in three of the trailing four quarters and missed once, with an average surprise of 9.2%.
The Zacks Consensus Estimate for MPTI’s 2024 sales and EPS indicates a rise of 16.1% and 76.6%, respectively, from prior-year levels.
Zacks Investment Research
European equities traded in the US as American depositary receipts were treading water late Thursday morning, nudging 0.1% lower to 1,424.33 on the S&P Europe Select ADR Index.
From continental Europe, the gainers were led by internet browser company Opera and internet ad agency Criteo , which rose 2.8% and 2%, respectively. They were followed by Sequans Communications S.A. and biopharmaceutical company Cellectis , which were up 1.7% and 1.3%, respectively.
The decliners from continental Europe were led by furniture maker Natuzzi (NTZ) and biotech firm Evaxion Biotech (EVAX), which fell 6% and 3% respectively. They were followed by biotech firm BioNTech (BNTX) and biopharmaceutical company Grifols , which were up 2.7% and 2.3%, respectively.
From the UK and Ireland, the gainers were led by biopharmaceutical company TC Biopharm and cruise line operator Carnival , which advanced 16% and 3.7%, respectively. They were followed by alcoholic beverage company Diageo and biopharmaceutical company Bicycle Therapeutics , which increased 2.6% each.
The decliners from the UK and Ireland were led by biotech firm Autolus Therapeutics and biopharmaceutical company Amarin , which fell 2.8% and 2%, respectively. They were followed by biopharmaceutical company Mereo BioPharma Group (MREO) and pharmaceutical company AstraZeneca (AZN), which were down 1.7% each.
Shares of Opera Limited Sponsored ADR (OPRA) have gained 14.3% over the past four weeks to close the last trading session at $14.19, but there could still be a solid upside left in the stock if short-term price targets of Wall Street analysts are any indication. Going by the price targets, the mean estimate of $22.17 indicates a potential upside of 56.2%.
The average comprises three short-term price targets ranging from a low of $17.50 to a high of $25, with a standard deviation of $4.07. While the lowest estimate indicates an increase of 23.3% from the current price level, the most optimistic estimate points to a 76.2% upside. More than the range, one should note the standard deviation here, as it helps understand the variability of the estimates. The smaller the standard deviation, the greater the agreement among analysts.
While the consensus price target is a much-coveted metric for investors, solely banking on this metric to make an investment decision may not be wise at all. That's because the ability and unbiasedness of analysts in setting price targets have long been questionable.
However, an impressive consensus price target is not the only factor that indicates a potential upside in OPRA. This view is strengthened by the agreement among analysts that the company will report better earnings than what they estimated earlier. Though a positive trend in earnings estimate revisions doesn't give any idea as to how much the stock could surge, it has proven effective in predicting an upside.
Here's What You May Not Know About Analysts' Price Targets
According to researchers at several universities across the globe, a price target is one of many pieces of information about a stock that misleads investors far more often than it guides. In fact, empirical research shows that price targets set by several analysts, irrespective of the extent of agreement, rarely indicate where the price of a stock could actually be heading.
While Wall Street analysts have deep knowledge of a company's fundamentals and the sensitivity of its business to economic and industry issues, many of them tend to set overly optimistic price targets. Are you wondering why?
They usually do that to drum up interest in shares of companies that their firms either have existing business relationships with or are looking to be associated with. In other words, business incentives of firms covering a stock often result in inflated price targets set by analysts.
However, a tight clustering of price targets, which is represented by a low standard deviation, indicates that analysts have a high degree of agreement about the direction and magnitude of a stock's price movement. While that doesn't necessarily mean the stock will hit the average price target, it could be a good starting point for further research aimed at identifying the potential fundamental driving forces.
That said, while investors should not entirely ignore price targets, making an investment decision solely based on them could lead to disappointing ROI. So, price targets should always be treated with a high degree of skepticism.
Why OPRA Could Witness a Solid Upside
Analysts' growing optimism over the company's earnings prospects, as indicated by strong agreement among them in revising EPS estimates higher, could be a legitimate reason to expect an upside in the stock. That's because empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
The Zacks Consensus Estimate for the current year has increased 12.8% over the past month, as one estimate has gone higher compared to no negative revision.
Moreover, OPRA currently has a Zacks Rank #2 (Buy), which means it is in the top 20% of more than the 4,000 stocks that we rank based on four factors related to earnings estimates. Given an impressive externally-audited track record, this is a more conclusive indication of the stock's potential upside in the near term. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here
Therefore, while the consensus price target may not be a reliable indicator of how much OPRA could gain, the direction of price movement it implies does appear to be a good guide.
Zacks Investment Research
While the proven Zacks Rank places an emphasis on earnings estimates and estimate revisions to find strong stocks, we also know that investors tend to develop their own individual strategies. With this in mind, we are always looking at value, growth, and momentum trends to discover great companies.
Considering these trends, value investing is clearly one of the most preferred ways to find strong stocks in any type of market. Value investors use fundamental analysis and traditional valuation metrics to find stocks that they believe are being undervalued by the market at large.
On top of the Zacks Rank, investors can also look at our innovative Style Scores system to find stocks with specific traits. For example, value investors will want to focus on the "Value" category. Stocks with high Zacks Ranks and "A" grades for Value will be some of the highest-quality value stocks on the market today.
One company value investors might notice is Opera Limited (OPRA). OPRA is currently sporting a Zacks Rank of #2 (Buy) and an A for Value. The stock has a Forward P/E ratio of 12.98. This compares to its industry's average Forward P/E of 21.15. Over the last 12 months, OPRA's Forward P/E has been as high as 20.94 and as low as 11.48, with a median of 15.13.
Finally, our model also underscores that OPRA has a P/CF ratio of 7.15. This metric focuses on a firm's operating cash flow and is often used to find stocks that are undervalued based on the strength of their cash outlook. This company's current P/CF looks solid when compared to its industry's average P/CF of 21.52. OPRA's P/CF has been as high as 18.39 and as low as 5.59, with a median of 7.65, all within the past year.
These are just a handful of the figures considered in Opera Limited'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 OPRA is an impressive value stock right now.
Zacks Investment Research
Opera Limited Sponsored ADR (OPRA) is looking like an interesting pick from a technical perspective, as the company reached a key level of support. Recently, OPRA crossed above the 20-day moving average, suggesting a short-term bullish trend.
The 20-day simple moving average is a popular investing tool. Traders like this SMA because it offers a look back at a stock's price over a shorter period and helps smooth out price fluctuations. The 20-day can also show more trend reversal signals than longer-term moving averages.
Like other SMAs, if a stock's price is moving above the 20-day, the trend is considered positive. When the price falls below the moving average, it can signal a downward trend.
Shares of OPRA have been moving higher over the past four weeks, up 14.3%. Plus, the company is currently a Zacks Rank #2 (Buy) stock, suggesting that OPRA could be poised for a continued surge.
The bullish case solidifies once investors consider OPRA's positive earnings estimate revisions. No estimate has gone lower in the past two months for the current fiscal year, compared to 1 higher, while the consensus estimate has increased too.
Investors should think about putting OPRA on their watchlist given the ultra-important technical indicator and positive move in earnings estimate revisions.
Zacks Investment Research
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