Tag: institutional

The Russell 2000 Index has soared, but you might be better off looking elsewhere for quality small-cap stocks

The Russell 2000 Index soared 12% in December, which might reflect investors’ exuberance about the state of the U.S. economy — it appears the Federal Reserve has won its battle against inflation.

But if you are looking to broaden your exposure to the stock market beyond the large-cap S&P 500
SPX,
buying shares of a fund that tracks the Russell 2000 Index
RUT
might not be the best way to do it. This is because the Russell 2000 isn’t selective — it is made up of the smallest 2,000 companies by market capitalization in the Russell 3000 Index
RUA,
which itself is designed to capture about 98% of the U.S. public equity market.

A better choice might be the S&P Small Cap 600 Index
SML
because S&P Global requires companies to show four consecutive quarters of profitability to be initially included in the index, among other criteria.

Below is a screen of analysts’ favorite stocks among the S&P Small Cap 600, along with another for the Russell 2000.

Watch for a “head fake”

Much of the small-cap buying in December might have resulted from covering of short positions by hedge-fund managers. This idea is backed by the timing of trading activity immediately following the Federal Open Market Committee’s announcement on Dec. 13 that it wouldn’t change its interest-rate policy, according to MacroTourist blogger Kevin Muir. The Fed’s economic projections released the same day also indicate three cuts to the federal-funds rate in 2024.

Heading into the end of the year, a fund manager who had shorted small-caps, and then was surprised by the Fed’s interest-rate projections, might have scrambled to buy stocks it had shorted to close-out the positions and hopefully lock in gains, or limit losses.

That buying activity and resulting pop in small-cap prices could set up a typical “head fake” for investors as the new year begins, according to Muir.

The long-term case for quality

Looking at data for companies’ most recently reported fiscal quarters, 58% of the Russell 2000 reported positive earnings per share, according to data provided by FactSet. In other words, hundreds of these companies were losing money. These might include promising companies facing “binary events,” such as make-or-break drug trials in the biotechnology industry.

In comparison, 78% of companies among the S&P Small Cap 600 were profitable, and 93% of the S&P 500 were in the black.

Here are long-term performance figures for exchange-traded funds that track all three indexes:

ETF	Ticker	2023	3 years	5 years	10 years	15 years	20 years
iShares Russell 2000 ETF	IWM	17%	7%	61%	99%	428%	365%
iShares Core S&P Small Cap ETF	IJR	16%	25%	69%	129%	540%	515%
SPDR S&P 500 ETF Trust	SPY	26%	34%	108%	210%	629%	527%
Source: FactSet

An approach tracking the S&P Small Cap 600 has outperformed the Russell 2000 for all periods, with margins widening as you go further back.

Brett Arends: You own the wrong small-cap fund. How to get into a better one.

Looking ahead for quality… or not

For the first screen, we began with the S&P Small Cap 600 and narrowed the list to 385 companies covered by at least five analysts polled by FactSet. Then we cut the list to 92 companies with “buy” or equivalent ratings among at least 75% of the covering analysts.

Here are the 20 remaining stocks among the S&P Small Cap 600 with the highest 12-month upside potential indicated by analysts’ consensus price targets:

Company	Ticker	Share “buy” ratings	Dec. 29 price	Consensus price target	Implied 12-month upside potential
Vir Biotechnology Inc.	VIR, +4.47%	88%	$10.06	$32.00	218%
Arcus Biosciences Inc.	RCUS, +3.04%	82%	$19.10	$41.00	115%
Xencor Inc.	XNCR, +6.03%	92%	$21.23	$39.83	88%
Dynavax Technologies Corp.	DVAX, +2.86%	100%	$13.98	$24.80	77%
ModivCare Inc.	MODV, +0.95%	100%	$43.99	$75.50	72%
Xperi Inc	XPER, +1.81%	80%	$11.02	$18.20	65%
Thryv Holdings Inc.	THRY,	100%	$20.35	$32.75	61%
Ligand Pharmaceuticals Inc.	LGND, +1.25%	100%	$71.42	$114.80	61%
Green Plains Inc.	GPRE, -1.67%	80%	$25.22	$40.30	60%
Patterson-UTI Energy Inc.	PTEN, +0.28%	75%	$10.80	$17.00	57%
Ironwood Pharmaceuticals Inc. Class A	IRWD, +8.48%	83%	$11.44	$17.83	56%
Catalyst Pharmaceuticals Inc.	CPRX, +1.78%	100%	$16.81	$26.20	56%
Payoneer Global Inc.	PAYO, -3.45%	100%	$5.21	$8.00	54%
Helix Energy Solutions Group Inc.	HLX, -2.63%	83%	$10.28	$15.00	46%
Arlo Technologies Inc.	ARLO, -3.05%	100%	$9.52	$13.80	45%
Pacira Biosciences Inc.	PCRX, -5.16%	100%	$33.74	$48.40	43%
Privia Health Group Inc.	PRVA, +2.95%	100%	$23.03	$32.53	41%
Semtech Corp.	SMTC, -1.23%	92%	$21.91	$30.90	41%
Talos Energy Inc.	TALO, +1.19%	78%	$14.23	$20.00	41%
Digi International Inc.	DGII, -1.21%	100%	$26.00	$36.14	39%
Source: FactSet

Any stock screen should only be considered a starting point. You should do your own research to form your own opinion before making any investment. one way to begin is by clicking on the tickers for more about each company.

Click here for Tomi Kilgore’s detailed guide to the wealth of information available for free on the MarketWatch quote page.

Moving on to the Russell 2000, when we narrowed this group to stocks covered by at least five analysts polled by FactSet, we were left with 936 companies. Among these, 355 have “buy” or equivalent ratings among at least 75% of the covering analysts.

Among those 355 stocks in the Russell 2000, these 20 have the highest implied upside over the next year, based on consensus price targets:

Company	Ticker	Share “buy” ratings	Dec. 29 price	Consensus price target	Implied 12-month upside potential
Karyopharm Therapeutics Inc.	KPTI, +4.18%	75%	$0.87	$6.00	594%
Rallybio Corp.	RLYB, +0.42%	100%	$2.39	$16.50	590%
Vor Biopharma Inc.	VOR, -0.89%	100%	$2.25	$15.44	586%
Tenaya Therapeutics Inc.	TNYA, -0.62%	100%	$3.24	$19.14	491%
Compass Therapeutics Inc.	CMPX, -5.13%	86%	$1.56	$9.17	488%
Vigil Neuroscience Inc.	VIGL, +2.66%	88%	$3.38	$18.75	455%
Trevi Therapeutics Inc.	TRVI, -2.99%	100%	$1.34	$7.33	447%
Inozyme Pharma Inc.	INZY, +1.64%	100%	$4.26	$21.00	393%
Gritstone bio Inc.	GRTS, +6.86%	100%	$2.04	$10.00	390%
Actinium Pharmaceuticals Inc.	ATNM, +4.72%	83%	$5.08	$23.36	360%
Lineage Cell Therapeutics Inc.	LCTX,	86%	$1.09	$4.83	343%
Century Therapeutics Inc.	IPSC, +9.64%	86%	$3.32	$14.67	342%
Acrivon Therapeutics Inc.	ACRV, +1.83%	100%	$4.92	$21.13	329%
Avidity Biosciences Inc.	RNA, +1.22%	100%	$9.05	$37.50	314%
Longboard Pharmaceuticals Inc.	LBPH, +316.25%	100%	$6.03	$24.17	301%
Omega Therapeutics Inc.	OMGA, -1.33%	100%	$3.01	$12.00	299%
Allogene Therapeutics Inc.	ALLO, +12.77%	82%	$3.21	$12.79	298%
X4 Pharmaceuticals Inc.	XFOR, +5.21%	86%	$0.84	$3.26	289%
Caribou Biosciences Inc.	CRBU, -2.79%	89%	$5.73	$22.25	288%
Stoke Therapeutics Inc.	STOK, +11.41%	78%	$5.26	$19.33	268%
Source: FactSet

That’s right — this Russell 2000 list is all biotech. And in case you are wondering if any companies are on both lists, the answer is no.

Don’t miss: 11 dividend stocks with high yields expected to be well supported in 2024 per strict criteria

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January 2, 2024

Sleep Number’s stock falls 30% as company saw demand change ‘abruptly’

Shares of Sleep Number Corp. tanked 30% in the after-hours session Tuesday after the mattress maker and retailer swung to a surprise quarterly loss, predicted a loss for the full year and said it reached an agreement with a shareholder that had been pushing for change.

It was a “challenging” quarter for Sleep Number
SNBR,
-1.41%
and the bedding industry, Chief Executive Shelly Ibach said. “The consumer demand trajectory changed abruptly midway through the quarter,” Ibach said.

Sleep Number “acted quickly to further reduce costs, recalibrate our sales and marketing approach, and amend our credit agreement to provide additional covenant flexibility through the end of 2024,” she said.

Sleep Number lost $2.32 million, or 10 cents a share, in the third quarter, versus earnings of $5 million, or 22 cents a share, in the year-ago quarter.

Revenue dropped 13% to $473 million, the company said.

Analysts polled by FactSet expected the company to earn 16 cents a share on sales of $509 million in the quarter.

Sleep Number also kicked off a plan to reduce costs in light of the lower demand. It hopes the plan will result in about $50 million less in operating expenses next year, the company said.

The cost-restructuring actions are “broad-based” and include layoffs as well as store closures, the company said.

The layoffs will occur “across all areas of the organization,” including in corporate and research and development, the company said. It plans to close 40 to 50 stores by the end of next year, and slow down the rate of new-store openings and remodels.

The restructuring will result in up to $20 million in one-time costs, with about $10 million of the costs falling in the fourth quarter, the company said.

Sleep Number also dialed back its 2023 EPS outlook, calling for a per-share loss of up to 70 cents, including the fourth-quarter restructuring charges.

That compares with a July guidance of 2023 EPS in a range between $1.25 and $1.75.

Separately, Sleep Number appointed Stephen E. Macadam and Hilary A. Schneider to its board, effective immediately, expanding the board to 12 people.

In conjunction with the appointments, Sleep Number entered into a cooperation agreement with shareholder Stadium Capital Management LLC.

As part of the agreement, the board has established a “capital allocation and value enhancement committee” to review capital use and investments, it said.

Independent director Michael J. Harrison said that the company was “grateful to have reached an agreement with Stadium Capital on a constructive path forward and are looking forward to working with Steve and Hilary toward our common goal of delivering long-term value for our shareholders.”

Stadium Capital, which owns about 9% of Sleep Number, published a letter in September criticizing the company, its executives, and the “abysmal” shareholder returns.

Shares of Sleep Number have lost 38% so far this year, contrasting with gains of about 14% for the S&P 500 index
SPX.

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November 7, 2023
From meme stocks to empty shelves: The top 5 reasons Bed Bath & Beyond failed

Bed Bath & Beyond went from homeware powerhouse to the retail doghouse over the course of the last decade.

But its final push into Chapter 11 bankruptcy protection Sunday resulted from a mix of bad decisions and forces beyond its control, the company explained in a new court filing. In the 93-page document, Holly Etlin, chief restructuring officer and chief financial officer of Bed Bath & Beyond BBBY, tried to explain how things went so wrong. Here are the top five choices and moments that ultimately spelled the retailer’s…

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April 24, 2023
Bed Bath & Beyond: from home-goods behemoth to bankruptcy

It’s the end of the road for Bed Bath & Beyond Inc., a company that was once a shining star of U.S. retail.

The troubled home-goods retailer BBBY filed for chapter 11 on Sunday, after spending several months teetering on the brink of bankruptcy. The company said it aims to achieve an orderly wind down of its operations, while also seeking to find an interested buyer for some or all of its assets. It has $240 million of debtor-in-possession financing to provide the liquidity needed to support its operations through the process….

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April 23, 2023
Employees asked about their canceled bonuses. The CEO warned them against living in ‘Pity City.’

The chief executive of the high-end office-furniture company MillerKnoll has gone viral. And probably not in a manner she would prefer.

In a leaked Zoom call of a MillerKnoll staff town hall last month, CEO Andi Owen addressed concerns from employees about the company’s decision to withhold bonuses. It quickly descended into her lambasting staff for complaining about the move.

“Questions came through about, ‘How can we stay motivated if we’re not going to get a bonus?‘ ” she says in the meeting recording. Owen — tapped in 2021 by Fast Company as one of the most creative people in business and celebrated that same year in the New York Times for her navigation of the coronavirus pandemic and swing-state sociopolitics — tells employees of the Zeeland, Mich., company to focus on things the company can control, such as customer service.

From the archives (April 2021): Herman Miller and Knoll to merge in $1.8 billion deal that will create design leader as companies reimagine office

“Don’t ask about: What are we going to do if we don’t get a bonus?” she says, growing animated, even, apparently, agitated. “Get the damn $26 million. Spend your time and your effort thinking about the $26 million we need and not thinking about what you’re going to do if you don’t get a bonus. All right? Can I get some commitment for that? I would appreciate that.”

Though she didn’t specifically identify the significance of the $26 million figure, the company’s operating expenses rose by exactly that amount in its third quarter due to “voluntary and involuntary reductions in the company’s workforce and charges for the impairment of assets associated with the decision to cease operating fully as a stand-alone brand.”

MillerKnoll’s third-quarterly filing showed that the furniture maker — the product of a 2021 merger of the Herman Miller and Knoll brands, behind products such as the Eames lounge chair and the Saarinen Tulip table, respectively — expects lower sales in the fourth quarter after posting a decline in orders and sales margins in the three months ending March 4.

Owen recalls in the video that a past employer told her, “You can visit Pity City, but you can’t live there.”

“So, people, leave Pity City,” she continues, exclaiming: “Let’s get it done.”

“You have to be a psychopath to say this stuff to your employees when you are taking a massive bonus. Does she think they won’t find out?” asked one Twitter user.

“Plenty going on here but one of many things that leapt out to me was that mere moments after she went with the ‘be kind to people’ bit, she was yelling at workers,” another said.

The company said that the widely shared video clip had been taken out of context.

“Andi fiercely believes in this team and all we can accomplish together, and will not be dissuaded by a 90-second clip taken out of context and posted on social media,” a spokesman said in a statement.

Owen made $5 million last year. The company has yet to say how much she will make this year. The company this year has expensed $15.7 million in stock-based compensation.

MillerKnoll shares
MLKN,
-2.38%
have dropped 12% in 2023, compared with the 8% gain for the benchmark S&P 500
SPX,
+0.02%.

Other MillerKnoll brands include Design Within Reach, acquired by Herman Miller a decade ago and recognized as having made the iconic midcentury designs of Charles and Ray Eames, Isamu Noguchi, George Nelson, and others available to a wider, if affluent, audience without engaging an interior designer; the Danish design brand Hay; and Holly Hunt.

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April 18, 2023
Walmart, Home Depot, Meta, DocuSign, Medtronic, and More Stock Market Movers
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https://www.barrons.com/articles/stock-market-movers-5b0c54ae
Updated Feb. 21, 2023 9:16 am ET / Original Feb. 21, 2023 5:04 am ET

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February 21, 2023

Best stock picks for 2023: Here are Wall Street analysts’ most heavily favored choices

Following a sharp and sustained rise in interest rates, U.S. stocks have taken a broad beating this year.

But 2023 may bring very different circumstances.

Below are lists of analysts’ favorite stocks among the benchmark S&P 500
SPX,
the S&P 400 Mid Cap Index
MID
and the S&P Small Cap 600 Index
SML
that are expected to rise the most over the next year. Those lists are followed by a summary of opinions of all 30 stocks in the Dow Jones Industrial Average
DJIA.

Stocks rallied on Dec. 13 when the November CPI report showed a much slower inflation pace than economists had expected. Investors were also anticipating the Federal Open Market Committee’s next monetary policy announcement on Dec. 14. The consensus among economists polled by FactSet is for the Federal Reserve to raise the federal funds rate by 0.50% to a target range of 4.50% to 4.75%.

Read: 5 things to watch when the Fed makes its interest-rate decision

A 0.50% increase would be a slowdown from the four previous increases of 0.75%. The rate began 2022 in a range of zero to 0.25%, where it had sat since March 2020.

A pivot for the Fed Reserve and the possibility that the federal funds rate will reach its “terminal” rate (the highest for this cycle) in the near term could set the stage for a broad rally for stocks in 2023.

Wall Street’s large-cap favorites

Among the S&P 500, 92 stocks are rated “buy” or the equivalent by at least 75% of analysts working for brokerage firms. That number itself is interesting — at the end of 2021, 93 of the S&P 500 had this distinction. Meanwhile, the S&P 500 has declined 16% in 2022, with all sectors down except for energy, which has risen 53%, and the utilities sector, which his risen 1% (both excluding dividends).

Here are the 20 stocks in the S&P 500 with at least 75% “buy” or equivalent ratings that analysts expect to rise the most over the next year, based on consensus price targets:

Company	Ticker	Industry	Closing price – Dec. 12	Consensus price target	Implied 12-month upside potential	Share “buy” ratings	Price change – 2022 through Dec. 12
EQT Corp.	EQT	Oil and Gas Production	$36.91	$59.70	62%	78%	69%
Catalent Inc.	CTLT	Pharmaceuticals	$45.50	$72.42	59%	75%	-64%
Amazon.com Inc.	AMZN	Internet Retail	$90.55	$136.02	50%	91%	-46%
Global Payments Inc.	GPN	Misc. Commercial Services	$99.64	$147.43	48%	75%	-26%
Signature Bank	SBNY	Regional Banks	$122.73	$180.44	47%	78%	-62%
Salesforce Inc.	CRM	Software	$133.11	$195.59	47%	80%	-48%
Bio-Rad Laboratories Inc. Class A	BIO	Medical Specialties	$418.28	$591.00	41%	100%	-45%
Zoetis Inc. Class A	ZTS	Pharmaceuticals	$152.86	$212.80	39%	87%	-37%
Delta Air Lines Inc.	DAL	Airlines	$34.77	$48.31	39%	90%	-11%
Diamondback Energy Inc.	FANG	Oil and Gas Production	$134.21	$182.33	36%	84%	24%
Caesars Entertainment Inc	CZR	Casinos/ Gaming	$50.27	$67.79	35%	81%	-46%
Alphabet Inc. Class A	GOOGL	Internet Software/ Services	$93.31	$125.70	35%	92%	-36%
Halliburton Co.	HAL	Oilfield Services/ Equipment	$34.30	$45.95	34%	86%	50%
Alaska Air Group Inc.	ALK	Airlines	$45.75	$61.08	34%	93%	-12%
Targa Resources Corp.	TRGP	Gas Distributors	$70.42	$93.95	33%	95%	35%
Charles River Laboratories International Inc.	CRL	Misc. Commercial Services	$201.94	$269.25	33%	88%	-46%
ServiceNow Inc.	NOW	Information Technology Services	$401.64	$529.83	32%	92%	-38%
Take-Two Interactive Software Inc.	TTWO	Software	$102.61	$135.04	32%	79%	-42%
EOG Resources Inc.	EOG	Oil and Gas Production	$124.06	$158.24	28%	82%	40%
Southwest Airlines Co.	LUV	Airlines	$38.94	$49.56	27%	76%	-9%
Source: FactSet

Most of the companies on the S&P 500 list expected to soar in 2023 have seen large declines in 2022. But the company at the top of the list, EQT Corp.
EQT,
is an exception. The stock has risen 69% in 2022 and is expected to add another 62% over the next 12 months. Analysts expect the company’s earnings per share to double during 2023 (in part from its expected acquisition of THQ), after nearly a four-fold EPS increase in 2022.

Shares of Amazon.com Inc.
AMZN
are expected to soar 50% over the next year, following a decline of 46% so far in 2022. If the shares were to rise 50% from here to the price target of $136.02, they would still be 18% below their closing price of 166.72 at the end of 2021.

Read: Here’s why Amazon is Citi’s top internet stock idea

You can see the earnings estimates and more for any stock in this article by clicking on its ticker.

Click here for Tomi Kilgore’s detailed guide to the wealth of information available for free on the MarketWatch quote page.

Mid-cap stocks expected to rise the most

The lists of favored stocks are limited to those covered by at least five analysts polled by FactSet.

Among components of the S&P 400 Mid Cap Index, there are 84 stocks with at least 75% “buy” ratings. Here at the 20 expected to rise the most over the next year:

Company	Ticker	Industry	Closing price – Dec. 12	Consensus price target	Implied 12-month upside potential	Share “buy” ratings	Price change – 2022 through Dec. 12
Arrowhead Pharmaceuticals Inc.	ARWR	Biotechnology	$31.85	$69.69	119%	83%	-52%
Lantheus Holdings Inc.	LNTH	Medical Specialties	$54.92	$102.00	86%	100%	90%
Progyny Inc.	PGNY	Misc. Commercial Services	$31.21	$55.57	78%	100%	-38%
Coherent Corp.	COHR	Electronic Equipment/ Instruments	$35.41	$60.56	71%	84%	-48%
Exelixis Inc.	EXEL	Biotechnology	$16.08	$26.07	62%	81%	-12%
Darling Ingredients Inc.	DAR	Food: Specialty/ Candy	$61.17	$97.36	59%	93%	-12%
Perrigo Co. PLC	PRGO	Pharmaceuticals	$31.83	$49.25	55%	100%	-18%
Mattel Inc.	MAT	Recreational Products	$17.39	$26.58	53%	87%	-19%
ACI Worldwide Inc.	ACIW	Software	$20.75	$31.40	51%	83%	-40%
Topgolf Callaway Brands Corp.	MODG	Recreational Products	$21.99	$32.91	50%	83%	-20%
Dycom Industries Inc.	DY	Engineering and Construction	$86.03	$128.13	49%	100%	-8%
Travel + Leisure Co.	TNL	Hotels/ Resorts/ Cruiselines	$37.98	$56.00	47%	75%	-31%
Frontier Communications Parent Inc.	FYBR	Telecommunications	$25.21	$36.18	44%	82%	-15%
Manhattan Associates Inc.	MANH	Software	$120.06	$171.80	43%	88%	-23%
MP Materials Corp Class A	MP	Other Metals/ Minerals	$31.39	$44.79	43%	92%	-31%
Lumentum Holdings Inc.	LITE	Electrical Products	$54.45	$76.44	40%	76%	-49%
Tenet Healthcare Corp.	THC	Hospital/ Nursing Management	$44.22	$62.00	40%	80%	-46%
Repligen Corp.	RGEN	Pharmaceuticals	$166.88	$233.10	40%	82%	-37%
STAAR Surgical Co.	STAA	Medical Specialties	$59.57	$82.67	39%	82%	-35%
Carlisle Cos. Inc.	CSL	Building Products	$251.99	$348.33	38%	75%	2%
Source: FactSet

Wall Street’s favorite small-cap names

Among companies in the S&P Small Cap 600 Index, 91 are rated “buy” or the equivalent by at least 75% of analysts. Here are the 20 with the highest 12-month upside potential indicated by consensus price targets:

Company	Ticker	Industry	Closing price – Dec. 12	Consensus price target	Implied 12-month upside potential	Share “buy” ratings	Price change – 2022 through Dec. 12
UniQure NV	QURE	Biotechnology	$22.99	$51.29	123%	95%	11%
Cara Therapeutics Inc.	CARA	Biotechnology	$11.34	$23.63	108%	88%	-7%
Vir Biotechnology Inc.	VIR	Biotechnology	$25.50	$53.00	108%	75%	-39%
Dynavax Technologies Corp.	DVAX	Biotechnology	$11.22	$23.20	107%	100%	-20%
Thryv Holdings Inc.	THRY	Advertising/ Marketing Services	$18.40	$36.75	100%	100%	-55%
Artivion Inc.	AORT	Medical Specialties	$12.93	$23.13	79%	83%	-36%
Cytokinetics Inc.	CYTK	Pharmaceuticals	$38.33	$67.43	76%	100%	-16%
Harsco Corp.	HSC	Environmental Services	$7.17	$12.30	72%	80%	-57%
Ligand Pharmaceuticals Inc.	LGND	Pharmaceuticals	$64.80	$110.83	71%	100%	-35%
Corcept Therapeutics Inc.	CORT	Pharmaceuticals	$20.84	$34.20	64%	80%	5%
Payoneer Global Inc.	PAYO	Misc. Commercial Services	$5.70	$9.33	64%	100%	-22%
Xencor Inc.	XNCR	Biotechnology	$28.69	$46.71	63%	93%	-28%
Pacira Biosciences Inc.	PCRX	Pharmaceuticals	$45.50	$72.90	60%	80%	-24%
BioLife Solutions Inc.	BLFS	Chemicals	$19.72	$31.38	59%	89%	-47%
Customers Bancorp Inc.	CUBI	Regional Banks	$30.00	$47.63	59%	75%	-54%
ModivCare Inc.	MODV	Other Transportation	$92.22	$145.83	58%	100%	-38%
Stride Inc.	LRN	Consumer Services	$32.56	$51.25	57%	100%	-2%
Ranger Oil Corp. Class A	ROCC	Oil and Gas Production	$36.98	$58.00	57%	100%	37%
Outfront Media Inc.	OUT	Real Estate Investment Trusts	$17.59	$27.00	53%	83%	-34%
Walker & Dunlop Inc.	WD	Finance/ Rental/ Leasing	$82.22	$125.20	52%	100%	-46%
Source: FactSet

The Dow

Here are all 30 components of the Dow Jones Industrial Average ranked by how much analysts expect their prices to rise over the next year:

Company	Ticker	Industry	Closing price – Dec. 12	Consensus price target	Implied 12-month upside potential	Share “buy” ratings	Price change – 2022 through Dec. 12
Salesforce Inc.	CRM	Software	$133.11	$195.59	47%	80%	-48%
Walt Disney Co.	DIS	Movies/ Entertainment	$94.66	$119.60	26%	82%	-39%
Apple Inc.	AAPL	Telecommunications Equipment	$144.49	$173.70	20%	74%	-19%
Verizon Communications Inc.	VZ	Telecommunications	$37.95	$44.60	18%	21%	-27%
Visa Inc. Class A	V	Misc.s Commercial Services	$214.59	$249.33	16%	86%	-1%
Microsoft Corp.	MSFT	Software	$252.51	$293.06	16%	91%	-25%
Chevron Corp.	CVX	Integrated Oil	$169.75	$191.20	13%	54%	45%
Cisco Systems Inc.	CSCO	Information Technology Services	$49.30	$53.76	9%	44%	-22%
UnitedHealth Group Inc.	UNH	Managed Health Care	$545.86	$593.30	9%	85%	9%
Goldman Sachs Group Inc.	GS	Investment Banks/ Brokers	$363.18	$392.63	8%	59%	-5%
Walmart Inc.	WMT	Specialty Stores	$148.02	$159.86	8%	72%	2%
JPMorgan Chase & Co.	JPM	Banks	$134.21	$143.84	7%	59%	-15%
Home Depot Inc.	HD	Home Improvement Chains	$327.98	$346.61	6%	61%	-21%
American Express Co.	AXP	Finance/ Rental/ Leasing	$157.31	$164.57	5%	43%	-4%
McDonald’s Corp.	MCD	Restaurants	$276.62	$288.67	4%	72%	3%
Johnson & Johnson	JNJ	Pharmaceuticals	$177.84	$185.35	4%	36%	4%
Coca-Cola Co.	KO	Beverages: Non-Alcoholic	$63.97	$66.62	4%	73%	8%
Boeing Co.	BA	Aerospace and Defense	$186.27	$192.69	3%	77%	-7%
Intel Corp.	INTC	Semiconductors	$28.69	$29.54	3%	13%	-44%
Walgreens Boots Alliance Inc.	WBA	Drugstore Chains	$41.06	$42.24	3%	17%	-21%
Merck & Co. Inc.	MRK	Pharmaceuticals	$108.97	$110.62	2%	65%	42%
Caterpillar Inc.	CAT	Trucks/ Construction/ Farm Machinery	$233.06	$236.23	1%	41%	13%
Honeywell International Inc.	HON	Aerospace and Defense	$214.50	$217.35	1%	54%	3%
Nike Inc. Class B	NKE	Apparel/ Footwear	$112.07	$112.58	0%	64%	-33%
3M Co.	MMM	Industrial Conglomerates	$126.85	$127.30	0%	5%	-29%
Procter & Gamble Co.	PG	Household/ Personal Care	$152.47	$150.22	-1%	59%	-7%
Travelers Companies Inc.	TRV	Multi-Line Insurance	$187.11	$184.24	-2%	18%	20%
Amgen Inc.	AMGN	Biotechnology	$276.78	$264.79	-4%	24%	23%
Dow Inc.	DOW	Chemicals	$51.11	$48.73	-5%	15%	-10%
International Business Machines Corp.	IBM	Information Technology Services	$149.21	$140.29	-6%	33%	12%
Source: FactSet

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December 13, 2022