December 9, 2022

Market and Financial News

Market and Financial News Aggregator

Waiting for a Breakaway? Oppenheimer Says These 3 Stocks Are Poised to Lead Gains

2 min read

Market conditions these days are best described as ‘unsettled.’ Inflation was lower in the October print, but remains stubbornly high, while the Fed’s reactive interest rate policy is pushing up the price of capital, but has not yet constricted retail or other purchasing activity – or inflation. Other headwinds include continued bottlenecks in global supply chains, made worse by recurring COVID lockdown policies in China, and the ongoing Russian war in Ukraine.

So, should investors stick to defensive approach? Not according to Ari Wald, head of technical analysis at Oppenheimer. Wald believes investors should forego the obvious defensive strategy and move toward offensive stocks.

“As momentum investors, we’re aware that offensive stocks with low-momentum scores, in this case growth stocks, are likely to be bid higher when the final market breakaway develops. This leads us to think the bigger risk to our portfolio is that our exposure isn’t bullish enough. We believe owning relatively strong stocks, those that fit our discipline, in low-momentum industries should help balance this risk,” Wald explained.

So, bullish enough or not, that is the question. Oppenheimer’s top stock analysts are taking out solidly bullish positions on three interesting stocks, predicting double-digit upside potential despite the difficult economic indicators. We ran these names through TipRanks’ database to see what other Wall Street’s analysts have to say about them. Let’s take a closer look.

Shoals Technologies (SHLS)

We’ll start with Shoals Technologies, a company focused on electrical balance of systems (EBOS). These are vital components for solar energy products; the combiner boxes, junction boxes, splice boxes, in-line fuses, racking, PV wire, cable assemblies, recombiners, and wireless monitoring systems that make it possible to set up and connect solar power installations. Shoals has 20 patents in this technology, and over 40 gigawatts of power in construction,…

2022-11-22 19:27:07

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