closed at a record Thursday, surpassing 4,000 for the first time. But not all stocks have shared those gains so far this year.
While the majority of S&P 500 stocks are positive for the year, about one in five fell in the first quarter of 2021. Some are down for fundamental reasons, while others appear to be suffering from the shift in market dynamics. growth equity markets with cyclical and cyclical values. value names.
Once the headwind wears off, however, the names that have been left behind will likely catch up, as their earnings estimates remain strong. In some cases, analysts have adjusted their expectations higher this year. This presents a good opportunity to acquire shares of fundamentally strong companies at discounted prices.
Of the roughly 100 S&P 500 companies whose shares have been in negative territory since the start of the year, about half are expected to post 2021 earnings per share at least 20% higher than full year 2019 earnings. Here, around 30 are expected to see this strength continue into 2022, meaning their 2022 profits are expected to rise by at least 10% from 2021 levels.
To find stocks whose profit potential may not be reflected in the stock price, Barrons took those 30 names and removed all the stocks that were trading over 30 times 2021 earnings estimates. That left us with nine names.
Better yet, analysts have raised their 2021 and 2022 earnings estimates for all stocks since late last year, meaning Wall Street is becoming more bullish on them. These discounted names are primarily growth stocks in the healthcare, tech, telecommunications and consumer sectors.
Note: EPS 2021 and 2022 are consensus estimates.
(ticker: QCOM), for example, has seen its stock drop by nearly 10% since the start of the year. Investors appear unimpressed with the company’s first quarter revenue, which was 62% higher than a year ago but still missed analysts’ expectations. Longer term, the company known for the chips that power smartphone processors could benefit from the global shift to 5G networks, and Biden administrations have proposed infrastructure spending.
Stocks (VTRX) are another example where a recent pullback due to negative events may have gone too far. In mid-October, the biotech company called off development of a once promising drug after disappointing test results. Its stock has plunged 23% since then and is down 10% since the start of the year. Despite the drug flop, Barrons wrote in March that Vertex remains a powerhouse in the treatment of cystic fibrosis and is developing a promising pipeline beyond that.
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