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https://www.barrons.com/articles/6-beaten-down-food-stocks-buy-c93ad194
Food stocks are worth a nibble after their worst showing relative to the
S&P 500
in …
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What’s going on with frozen fruit and vegetables?
Food prices rose 0.2% on the month in July after remaining unchanged in June, and they rose 4.9% on the year, while the cost of food at home rose 3.6% on the year, government data released Thursday showed. Prices of fresh fruits and vegetables rose just 1.2% year over year.
However, there were some big — even alarming — outliers: Frozen fruit and vegetable prices increased by 11.8% in July over last year, frozen vegetable prices rose 17.1% and frozen noncarbonated juice and drink prices rose 16.3%.
Those price rises are at odds with overall inflation figures. U.S. consumer prices rose to 3.2% in July from 3% in the prior month, the Bureau of Labor Statistics said this week. It was the first increase in 13 months.
Why have the prices of frozen fruits and vegetables shot up over the past 12 months, while the cost of fresh fruits and vegetables has increased so little?
Climate change and extreme weather conditions — from heavy rainfall to drought, particularly in California — have led to big problems for farmers. This has been compounded by issues related to the war in Ukraine and an ongoing increase in the cost of labor, experts said.
As a result, a large proportion of the fruits and vegetables grown were destined to be sold as fresh produce — which led to a shortage of ingredients for frozen goods, said Brad Rubin, sector manager at Wells Fargo Agri-Food Institute. “Because of the late crop, lots of produce is being pushed to the fresh market to keep up with demand,” he said.
California has experienced some drastic weather conditions over the last 12 months. Some 78 trillion gallons of water fell in California during winter 2022 and early spring 2023, according to data from the National Weather Service, delaying planting. And all that snow and rain was followed by a months-long drought in the region.
What happens in California is felt by consumers across the country.
“California produces nearly half of U.S.-grown fruits, nuts and vegetables,” according to estimates from the Sciences College of Agriculture, Food & Environmental Sciences at California Polytechnic State University in San Luis Obispo. “California is the only state in the U.S. to export the following commodities: almonds, artichokes, dates, dried plums, figs, garlic, kiwifruit, olives, pistachios, raisins and walnuts,” it says.
The subsequent price rises hit ingredients like strawberries and raspberries especially hard, Rubin added. Inventories of frozen berries are “near five-year lows” after winter storms in Watsonville flooded agricultural fields, damaging and delaying the strawberry crop. Most of the strawberries in the U.S. are grown in California.
Frozen fruits and vegetables have a longer supply chain than fresh produce, which can make them more vulnerable to disruptions in inventory, experts say. Rising energy prices are also pushing up the cost of cold storage.
In addition to those issues, U.S. farmers are dealing with increased labor costs and fewer migrant workers, partly due to changes in government policies and the closure of borders during the COVID-19 pandemic, according to a February 2023 report from the Federal Reserve Bank of San Francisco.
“Immigration has traditionally provided an important contribution to the U.S. labor force,” the report said. “The flow of immigrants into the United States began to slow in 2017 due to various government policies, then declined further due to border closures in 2020-21 associated with the COVID-19 pandemic. This decline in immigration has had a notable effect on the share of immigrants in the U.S. labor force.”
Russia’s invasion of Ukraine also continues to affect agricultural production in the U.S., said Curt Covington, senior director of institutional business at AgAmerica Lending, a financial-services company providing agricultural loans. Because the war disrupted supplies of commodities like wheat and corn — also pushing up prices for those goods — farmers have been prioritizing planting those crops over vegetables.
“These escalating frozen-vegetable prices present a challenge for farmers as they grapple with increased production costs and labor pressures,” and that presents a long-term challenge for farmers, “potentially impacting their profitability,” Covington said.
All of these factors — from international supply chains to extreme weather conditions — will have an effect on the cost of frozen goods in U.S. supermarkets. Ultimately, experts said, consumers will end up paying the price.
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Put aside for a moment all that nutritional advice about eating fruits and vegetables, whole grains and lean proteins. Could one key to good health actually be a diet rich in … ice cream?
That’s the tantalizing question raised by a new story in the Atlantic, which states, “Studies show a mysterious health benefit to ice cream. Scientists don’t want to talk about it.”
The…
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Shares of regional banks posted big gains on Tuesday as they regained their footing after huge losses in the previous session, but volatility continued in the sector following the demise of Silicon Valley Bank, Signature Bank and Silvergate Capital in the past week.
While the rise in some cases is eye-popping, most stocks have yet to recover fully from losses in the past few days. Most stocks are trading well below their levels from a week ago, even with Tuesday’s gains.
Among…
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Trading in shares of First Republic Bank and Western Alliance Bancorp ended sharply lower in a tough day of trading for regional banks as fears over bank solvency persisted following the failures of Silicon Valley Bank, Signature Bank and Silvergate Capital.
Stocks were periodically halted or paused for trading amid the bank stock bloodbath, which saw many suffering percentage declines well into the double digits. Typically, bank stocks are stable compared with sectors such as technology, with daily moves above 5% being relatively…
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Silicon Valley Bank has failed following a run on deposits, after its parent company’s share price crashed a record 60% on Thursday.
Trading of SVB Financial Group’s
SIVB,
stock was halted early Friday, after the shares plunged again in premarket trading. Treasury Secretary Janet Yellen said SVB was one of a few banks she was “monitoring very carefully.” Reaction poured in from several analysts who discussed the bank’s liquidity risk.
California regulators closed Silicon Valley Bank and handed the wreckage over to the Federal Deposit Insurance Administration later on Friday.
Below is the same list of 10 banks we highlighted on Thursday that showed similar red flags to those shown by SVB Financial through the fourth quarter. This time, we will show how much they reported in unrealized losses on securities — an item that played an important role in SVB’s crisis.
Below that is a screen of U.S. banks with at least $10 billion in total assets, showing those that appeared to have the greatest exposure to unrealized securities losses, as a percentage of total capital, as of Dec. 31.
Some media reports have referred to SVB of Santa Clara, Calif., as a small bank, but it had $212 billion in total assets as of Dec. 31, making it the 17th largest bank in the Russell 3000 Index
RUA,
as of Dec. 31. That makes it the largest U.S. bank failure since Washington Mutual in 2008.
One unique aspect of SVB was its decades-long focus on the venture capital industry. The bank’s loan growth had been slowing as interest rates rose. Meanwhile, when announcing its $21 billion dollars in securities sales on Thursday, SVB said it had taken the action not only to lower its interest-rate risk, but because “client cash burn has remained elevated and increased further in February, resulting in lower deposits than forecasted.”
SVB estimated it would book a $1.8 billion loss on the securities sale and said it would raise $2.25 billion in capital through two offerings of new shares and a convertible bond offering. That offering wasn’t completed.
So this appears to be an example of what can go wrong with a bank focused on a particular industry. The combination of a balance sheet heavy with securities and relatively light on loans, in a rising-rate environment in which bond prices have declined and in which depositors specific to that industry are themselves suffering from a decline in cash, led to a liquidity problem.
Banks leverage their capital by gathering deposits or borrowing money either to lend the money out or purchase securities. They earn the spread between their average yield on loans and investments and their average cost for funds.
The securities investments are held in two buckets:
In its regulatory Consolidated Financial Statements for Holding Companies—FR Y-9C, filed with the Federal Reserve, SVB Financial, reported a negative $1.911 billion in accumulated other comprehensive income as of Dec. 31. That is line 26.b on Schedule HC of the report, for those keeping score at home. You can look up regulatory reports for any U.S. bank holding company, savings and loan holding company or subsidiary institution at the Federal Financial Institution Examination Council’s National Information Center. Be sure to get the name of the company or institution right — or you may be looking at the wrong entity.
Here’s how accumulated other comprehensive income (AOCI) is defined in the report: “Includes, but is not limited to, net unrealized holding gains (losses) on available-for-sale securities, accumulated net gains (losses) on cash flow hedges, cumulative foreign currency translation adjustments, and accumulated defined benefit pension and other postretirement plan adjustments.”
In other words, it was mostly unrealized losses on SVB’s available-for-sale securities. The bank booked an estimated $1.8 billion loss when selling “substantially all” of these securities on March 8.
On the regulatory call reports, AOCI is added to regulatory capital. Since SVB’s AOCI was negative (because of its unrealized losses on AFS securities) as of Dec. 31, it lowered the company’s total equity capital. So a fair way to gauge the negative AOCI to the bank’s total equity capital would be to divide the negative AOCI by total equity capital less AOCI — effectively adding the unrealized losses back to total equity capital for the calculation.
Getting back to our list of 10 banks that raised similar red margin flags to those of SVB, here’s the same group, in the same order, showing negative AOCI as a percentage of total equity capital as of Dec. 31. We have added SVB to the bottom of the list. The data was provided by FactSet:
| Bank | Ticker | City | AOCI ($mil) | Total equity capital ($mil) | AOCI/ TEC – AOCI | Total assets ($mil) |
| Customers Bancorp Inc. |
CUBI, |
West Reading, Pa. | -$163 | $1,403 | -10.4% | $20,896 |
| First Republic Bank |
FRC, |
San Francisco | -$331 | $17,446 | -1.9% | $213,358 |
| Sandy Spring Bancorp Inc. |
SASR, |
Olney, Md. | -$132 | $1,484 | -8.2% | $13,833 |
| New York Community Bancorp Inc. |
NYCB, |
Hicksville, N.Y. | -$620 | $8,824 | -6.6% | $90,616 |
| First Foundation Inc. |
FFWM, |
Dallas | -$12 | $1,134 | -1.0% | $13,014 |
| Ally Financial Inc. |
ALLY, |
Detroit | -$4,059 | $12,859 | -24.0% | $191,826 |
| Dime Community Bancshares Inc. |
DCOM, |
Hauppauge, N.Y. | -$94 | $1,170 | -7.5% | $13,228 |
| Pacific Premier Bancorp Inc. |
PPBI, |
Irvine, Calif. | -$265 | $2,798 | -8.7% | $21,729 |
| Prosperity Bancshare Inc. |
PB, |
Houston | -$3 | $6,699 | -0.1% | $37,751 |
| Columbia Financial, Inc. |
CLBK, |
Fair Lawn, N.J. | -$179 | $1,054 | -14.5% | $10,408 |
| SVB Financial Group |
SIVB, |
Santa Clara, Calif. | -$1,911 | $16,295 | -10.5% | $211,793 |
| Source: FactSet | ||||||
Click on the tickers for more about each bank.
Read Tomi Kilgore’s detailed guide to the wealth of information available for free on the MarketWatch quote page.
Ally Financial Inc.
ALLY,
— the third largest bank on the list by Dec. 31 total assets — stands out as having the largest percentage of negative accumulated comprehensive income relative to total equity capital as of Dec. 31.
To be sure, these numbers don’t mean that a bank is in trouble, or that it will be forced to sell securities for big losses. But SVB had both a troubling pattern for its interest margins and what appeared to be a relatively high percentage of securities losses relative to capital as of Dec. 31.
There are 108 banks in the Russell 3000 Index
RUA,
that had total assets of at least $10.0 billion as of Dec. 31. FactSet provided AOCI and total equity capital data for 105 of them. Here are the 20 which had the highest ratios of negative AOCI to total equity capital less AOCI (as explained above) as of Dec. 31:
| Bank | Ticker | City | AOCI ($mil) | Total equity capital ($mil) | AOCI/ (TEC – AOCI) | Total assets ($mil) |
| Comerica Inc. |
CMA, |
Dallas | -$3,742 | $5,181 | -41.9% | $85,406 |
| Zions Bancorporation N.A. |
ZION, |
Salt Lake City | -$3,112 | $4,893 | -38.9% | $89,545 |
| Popular Inc. |
BPOP, |
San Juan, Puerto Rico | -$2,525 | $4,093 | -38.2% | $67,638 |
| KeyCorp |
KEY, |
Cleveland | -$6,295 | $13,454 | -31.9% | $189,813 |
| Community Bank System Inc. |
CBU, |
DeWitt, N.Y. | -$686 | $1,555 | -30.6% | $15,911 |
| Commerce Bancshares Inc. |
CBSH, |
Kansas City, Mo. | -$1,087 | $2,482 | -30.5% | $31,876 |
| Cullen/Frost Bankers Inc. |
CFR, |
San Antonio | -$1,348 | $3,137 | -30.1% | $52,892 |
| First Financial Bankshares Inc. |
FFIN, |
Abilene, Texas | -$535 | $1,266 | -29.7% | $12,974 |
| Eastern Bankshares Inc. |
EBC, |
Boston | -$923 | $2,472 | -27.2% | $22,686 |
| Heartland Financial USA Inc. |
HTLF, |
Denver | -$620 | $1,735 | -26.3% | $20,244 |
| First Bancorp |
FBNC, |
Southern Pines, N.C. | -$342 | $1,032 | -24.9% | $10,644 |
| Silvergate Capital Corp. Class A |
SI, |
La Jolla, Calif. | -$199 | $603 | -24.8% | $11,356 |
| Bank of Hawaii Corp |
BOH, |
Honolulu | -$435 | $1,317 | -24.8% | $23,607 |
| Synovus Financial Corp. |
SNV, |
Columbus, Ga. | -$1,442 | $4,476 | -24.4% | $59,911 |
| Ally Financial Inc |
ALLY, |
Detroit | -$4,059 | $12,859 | -24.0% | $191,826 |
| WSFS Financial Corp. |
WSFS, |
Wilmington, Del. | -$676 | $2,202 | -23.5% | $19,915 |
| Fifth Third Bancorp |
FITB, |
Cincinnati | -$5,110 | $17,327 | -22.8% | $207,452 |
| First Hawaiian Inc. |
FHB, |
Honolulu | -$639 | $2,269 | -22.0% | $24,666 |
| UMB Financial Corp. |
UMBF, |
Kansas City, Mo. | -$703 | $2,667 | -20.9% | $38,854 |
| Signature Bank |
SBNY, |
New York | -$1,997 | $8,013 | -20.0% | $110,635 |
Again, this is not to suggest that any particular bank on this list based on Dec. 31 data is facing the type of perfect storm that has hurt SVB Financial. A bank sitting on large paper losses on its AFS securities may not need to sell them. In fact Comerica Inc.
CMA,
which tops the list, also improved its interest margin the most over the past four quarters, as shown here.
But it is interesting to note that Silvergate Capital Corp.
SI,
which focused on serving clients in the virtual currency industry, made the list. It is shuttering its bank subsidiary voluntarily.
Another bank on the list facing concern among depositors is Signature Bank
SBNY,
of New York, which has a diverse business model, but has also faced a backlash related to the services it provides to the virtual currency industry. The bank’s shares fell 12% on Thursday and were down another 24% in afternoon trading on Friday.
Signature Bank said in a statement that it was in a “strong, well-diversified financial position.”
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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.
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.
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 | |||||||
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 | |||||||
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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