Yahoo Finance The Zacks Analyst Blog Highlights Copart, Pinterest, Arista Networks, CrowdStrike and Lyft
For Immediate Release
Chicago, IL – December 4, 2023 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: Copart CPRT, Pinterest PINS, Arista Networks ANET, CrowdStrike CRWD and Lyft LYFT.
Here are highlights from Friday’s Analyst Blog:
5 Top Growth Stocks to Own in December
U.S. equities finished November sharply higher, and the upward trajectory is likely to continue through December, which is typically a good time for Wall Street.
The Dow ended a three-month losing streak by gaining 8.9% in November. The 30-stock, blue-chip index has rallied to a record high for the year.
Similarly, the S&P 500 and the Nasdaq closed out November with gains of 8.9% and 10.7%, respectively. These two major indexes have notched their best monthly performance since July 2022. The indexes are now just 1% away from their individual 2023 highs.
All the indexes are poised to cement a year-end rally following a strong November. According to Carson Group’s chief market strategist Ryan Detrick, since 1950, the S&P 500 has, on average, gained another 1.8% monthly following a gain of 8% or more in the prior month.
Additionally, stocks saw strong returns in December following solid gains till November. Traditionally, if the S&P 500 is up more than 15% till November, then the broader index has ended December in the green, 75% of the time, according to Dow Jones Market Data.
The Nasdaq, too, finishes December higher, 67% of the time, if the tech-heavy index is up more than 20% till November. Both the S&P 500 and the Nasdaq have soared 18.2% and 35% so far this year, a tell-tale sign that the current momentum in the stock market will undoubtedly cement a year-end rally. What’s more, stocks have historically scaled northward during the last five trading sessions in December, known as the Santa Claus rally.
Now seasonal trends may not necessarily predict the future. But stocks have gained strength in recent times, thanks to the likelihood of a pause in interest rate hikes by the Federal Reserve amid inflation showing signs of cooling down, while the U.S. economy remains buoyant. Per the CME FedWatch Tool, 42.7% of the market pundits are expecting the Fed to lower interest rates by 25 basis points in the March policy meeting.
Thus, with the Fed poised to curb its aggressive monetary policy coupled with strong seasonal trends, the stock market is well-positioned to gain further. This calls for placing bets on sound growth stocks like Copart, Pinterest, Arista Networks, CrowdStrike and Lyft.
These stocks carry a Zacks Rank #1 (Strong Buy) or 2 (Buy), and a Growth Score of A or B, a combination that offers the best opportunities in the growth investing space. You can seethe complete list of today’s Zacks Rank #1 stocks here.
Copart provides online auctions and a wide range of remarketing services to process and sell salvage and clean-title vehicles. Copart, currently, has a Zacks Rank #1 and a Growth Score of B.
The Zacks Consensus Estimate for its current-year earnings has moved up 3.6% over the past 60 days. CPRT’s expected earnings growth rate for the current year is 15.1%.
Pinterest provides a platform to show its users (called Pinners) visual recommendations (called Pins) based on their tastes and interests. Pinterest, currently, has a Zacks Rank #1 and a Growth Score of A.
The Zacks Consensus Estimate for its current-year earnings has moved up 11.5% over the past 60 days. PINS’ expected earnings growth rate for the current year is 72.6%.
Arista Networks is engaged in providing cloud networking solutions for data centers and cloud computing environments. Arista Networks, currently, has a Zacks Rank #2 and a Growth Score of B.
The Zacks Consensus Estimate for its current-year earnings has moved up 6.3% over the past 60 days. ANET’s expected earnings growth rate for the current year is 43%.
CrowdStrike is a leader in next-generation endpoint protection, threat intelligence, and cyberattack response services. CrowdStrike, currently, has a Zacks Rank #2 and a Growth Score of A.
The Zacks Consensus Estimate for its next-year earnings has moved up 0.9% over the past 60 days. CRWD’s expected earnings growth rate for the current year is 83.1%.
Lyft operates multimodal transportation networks in the United States and Canada. Lyft, currently, has a Zacks Rank #2 and a Growth Score of A.
The Zacks Consensus Estimate for its current-year earnings has moved up 50% over the past 60 days. LYFT’s expected earnings growth rate for the current year is 136%.
Copart, Pinterest, Arista Networks, CrowdStrike, and Lyft’s expected earnings growth rates for the next year are 9%, 18.7%, 9.8%, 23.1%, and 9.3%, respectively.
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Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance for information about the performance numbers displayed in this press release.
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Copart, Inc. (CPRT) : Free Stock Analysis Report
Arista Networks, Inc. (ANET) : Free Stock Analysis Report
Lyft, Inc. (LYFT) : Free Stock Analysis Report
Pinterest, Inc. (PINS) : Free Stock Analysis Report
CrowdStrike (CRWD) : Free Stock Analysis Report
