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As of Sept. 19, 2024, three stocks in the consumer staples sector could be flashing a real warning to investors who value momentum as a key criteria in their trading decisions.
The RSI is a momentum indicator, which compares a stock’s strength on days when prices go up to its strength on days when prices go down. When compared to a stock’s price action, it can give traders a better sense of how a stock may perform in the short term. An asset is typically considered overbought when the RSI is above 70, according to Benzinga Pro.
Here's the latest list of major overbought players in this sector.
Read Next:
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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
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
Investors interested in Business Services stocks should always be looking to find the best-performing companies in the group. Maplebear (CART) is a stock that can certainly grab the attention of many investors, but do its recent returns compare favorably to the sector as a whole? A quick glance at the company's year-to-date performance in comparison to the rest of the Business Services sector should help us answer this question.
Maplebear is a member of the Business Services sector. This group includes 317 individual stocks and currently holds a Zacks Sector Rank of #6. The Zacks Sector Rank gauges the strength of our 16 individual sector groups by measuring the average Zacks Rank of the individual stocks within the groups.
The Zacks Rank is a successful stock-picking model that emphasizes earnings estimates and estimate revisions. The system highlights a number of different stocks that could be poised to outperform the broader market over the next one to three months. Maplebear is currently sporting a Zacks Rank of #1 (Strong Buy).
Over the past 90 days, the Zacks Consensus Estimate for CART's full-year earnings has moved 9.7% higher. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.
Based on the latest available data, CART has gained about 54.8% so far this year. Meanwhile, stocks in the Business Services group have gained about 13.3% on average. As we can see, Maplebear is performing better than its sector in the calendar year.
AppLovin (APP) is another Business Services stock that has outperformed the sector so far this year. Since the beginning of the year, the stock has returned 165%.
Over the past three months, AppLovin's consensus EPS estimate for the current year has increased 17.1%. The stock currently has a Zacks Rank #1 (Strong Buy).
Breaking things down more, Maplebear is a member of the Technology Services industry, which includes 171 individual companies and currently sits at #73 in the Zacks Industry Rank. This group has gained an average of 23.1% so far this year, so CART is performing better in this area. AppLovin is also part of the same industry.
Investors with an interest in Business Services stocks should continue to track Maplebear and AppLovin. These stocks will be looking to continue their solid performance.
Zacks Investment Research
The market has been on a volatile ride since its July highs, though the S&P 500 Index is now just 2% away from revisiting those all-time records. At the same time, some previously high-flying growth stocks have undergone significantly deeper corrections - creating potential buy opportunities for long-term investors with healthy risk appetites.
In particular, many growth stocks now have more down-to-earth valuations following recent pullbacks, creating some discounted opportunities for investors to participate in growth stocks that have a track record of yielding robust returns.
While discussions of hypergrowth stocks with premium valuations might immediately bring to mind the artificial intelligence (AI) niche of the market, there's one top growth stock in the beverage industry that stands out for its newly discounted valuation and promising upside potential.
About Celsius Stock
Celsius Holdings is a pioneer player in the beverage industry, best-known for its eponymous energy drink. It ranks as the third-largest energy drink brand in the U.S., and gained significant popularity during the COVID period and attracted young consumers with its CELSIUS beverage, distinguished by its unique taste and health-conscious appeal.
The company's revenue growth has been explosive, rising from $75 million in fiscal 2019 to $1.3 billion in 2023, and registering a compound annual growth rate (CAGR) of nearly 100% over the past three years.
Valued at $7.71 billion by market cap, Celsius stock has corrected dramatically after a big run higher to start 2024. The stock is down more than 67% from its March highs just below $100 per share, and CELH is now off 40% on a year-to-date basis.
Over the longer term, though, the growth stock remains a standout performer, having surged 2,700% higher in the past five years.
The steep drop in CELH in recent months is largely tied to concerns over slower growth attributed to its main distributor, PepsiCo , which has faced challenges in managing inventory effectively, leading to disruptions in product distribution and sales.
Following this correction, CELH stock is now trading at 5.36x forward sales - not necessarily cheap compared to the broader beverage industry, but a discount of more than 50% to the stock's own historical average multiple of 12x forward sales.
Celsius Beats Estimates in Q2
Celsius announced its Q2 earnings for 2024 on Aug. 6, which exceeded expectations on both the top and bottom lines. However, CELH shares fell by more than 2% following the earnings release.
Q2 sales reached $402 million, up 23% from the previous year, and surpassed estimates by $9.2 million. These results were driven by stronger sales from Amazon, which recorded a 41% increase, along with a 30% jump in international sales.
Net income surged to $79.8 million, marking a 55% year-over-year increase. Moreover, the company earned a profit of $0.28 per share, achieving 65% growth from the same quarter the previous year.
On the balance sheet side, Celsius raised its cash and cash equivalents to $903 million, a 19% improvement from year-end 2023 levels. These figures demonstrate the company's strong financial health and increased profitability.
Analysts are looking for full-year revenue growth of just 9.2% this year, while EPS is expected to rise by 11% in the same period.
Partnership Between Celsius and PepsiCo
The relationship between PepsiCo and Celsius primarily began in 2022, when PepsiCo invested $550 million into Celsius and acquired an 8.5% stake in the company. This partnership aimed to enhance CELH's distribution, particularly in the U.S. convenience and gas channel, which is a crucial market segment for energy drinks. PepsiCo's global reach was expected to help Celsius expand both domestically and internationally.
However, there have been challenges, particularly with inventory management, that have impacted Celsius's business operations. Overstocking issues with PepsiCo as a distributor, which initially contributed to the company's outsized revenue growth, have now slowed down the business momentum for Celsius.
Earlier this month, Celsius management confirmed that Pepsi is set to order between $100 million and $120 million less in the current third quarter, on a year over year basis. While investors sold the news, this should allow both companies to realign the supply chain and improve inventory management practices to better match the actual market demand and reduce the financial impact of overstocking.
What Do Analysts Think About Celsius Stock?
Following the inventory update, BofA Securities cut their CELH price target from $32 to $26. The firm maintained its “Underperform” rating on Celsius stock. Elsewhere, Morgan Stanley cut its Q3 and full-year sales estimates for Celsius Holdings, but backed its price target of $50 and “Equal Weight” rating.
Overall, Celsius still has a consensus “Strong Buy” rating on Wall Street. Of 15 analysts covering the stock, 12 recommend a "strong buy," two have assigned a "hold," and one suggests a "moderate sell" rating.
The average 12-month price target of $53.14 indicates approximately 60.5% upside potential from current levels.
What's the Bottom Line on CELH?
Despite reduced demand in the energy drink sector, Celsius Holdings is the third-largest brand after Monster and Red Bull, and appears to be taking market share from both. Recent Circana data shows a market share of 11.5% for Celsius, up from single digits last year - while both of its rivals lost share during the period. The company's expansion into Europe and Asia is also gaining traction, and is poised to enhance its global scale.
With the energy drink industry projected to grow by 8% annually until 2030, the company's rising market share and improving inventory controls should bode well for more upside in Celsius going forward, particularly with valuations down significantly from historical averages.
On the date of publication, Nauman Khan did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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