Buy these five non-tech stocks that are well positioned for the long haul, Bank of America says

[Pelican Press 0]

Buy these five non-tech stocks that are well positioned for the long haul, Bank of America says

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both near and long-term given growing contributions from alternative profit streams & KR’s increased focus on pharmacy,” he wrote. In addition, Kroger has a burgeoning rewards program to go along with a robust digital presence, according to the analyst. Kroger store openings continue apace and that should lead to further share gains, Ohmes said. Shares of the company are up more than 23% this year. Ohmes recently lifted his price target on the stock to a Wall Street high $70 per share from $65. Burlington Shares of the discount retailer are up 16% this year, but have plenty more room to run, according to analyst Lorraine Hutchinson. She said Burlington “has outsized sales and margin recovery opportunities” that are just too attractive to ignore. And like Kroger, share gains are aplenty as new store openings continue coming online. “Over the next 5 years, the company expects to open 100 net new annually though expects lumpiness year to year,” she wrote. This in turn should lead to more revenue growth, Hutchinson added. Hutchinson also noted that Burlington has been successful at attractive both high and lower-income earners. The company has pricing power, a robust supply chain in addition to brand names that consumer know and value, the analyst noted. “Given its turnaround momentum and ongoing favorable off-price retail fundamentals, Burlington is well positioned for outperformance, in our view,” Hutchinson went on to say. JPMorgan Chase Analyst Ebrahim Poonawala is feeling even more bullish on the banking giant after a meeting with JPMorgan Chase CEO Jamie Dimon. Poonawala said JPMorgan is ******* on all cylinders and cited a slew of positive catalysts. They include robust growth, a top notch balance sheet, and “strategic optionality.” That leaves the bank with the “potential for upside surprises” he added. BofA also said the stock has “defensibility” should the economy see a downturn. Shares are up 53% over the last 12 months, and Poonawala thinks it has plenty more room to run. “Of the banks we cover, we think JPM is best positioned both balance sheet wise and from an ********** standpoint given the ability to flex its competitive advantage,” he said. Super Micro Computer “Well positioned in a growing AI server market. … We expect SMCI to continue to see strong revenue growth given server demand from applications including Artificial Intelligence (AI), High Performance Computing (HPC), big data analytics, engineering/technical workloads, streaming and content delivery, and compute-intensive graphics and online gaming.” JPMorgan Chase “Positioned for superior growth. Our meeting with JPMorgan Chairman and CEO Jamie Dimon highlighted the significant balance sheet and strategic optionality that not only provides defensibility against a worse than expected macro-outcome, but also has the potential to drive upside surprises. … Of the banks we cover, we think JPM is best positioned both balance sheet wise and from an ********** standpoint given the ability to flex its competitive advantage.” Kroger We see support for KR’s

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both near and long-term given growing contributions from alternative profit streams & KR’s increased focus on pharmacy. … We reaffirm our Buy & see KR well-positioned into 2024 as we think shoppers will continue to favor value and variety as consumers are still adjusting to grocery prices that are up +25% vs. prepandemic. We see further support for KR’s market share trends from strong digital ********** as well as its fuel rewards/loyalty program.” TJX Companies “Well positioned for continued share gains. … We maintain our Buy rating as we have further conviction that the company can secure great deals on quality, branded product while providing value, positioning it well to continue gaining share. TJX has become increasingly important to vendors given retail disruption (bankruptcies), and its elevated assortment entices more vendors to place product in TJX stores.” Burlington “We reiterate our Buy rating as we think BURL has outsized sales and margin recovery opportunities. … .Over the next 5 years, the company expects to open 100 net new annually though expects lumpiness year to year. … Given its turnaround momentum and ongoing favorable off-price retail fundamentals, Burlington is well positioned for outperformance, in our view.”

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Weekend brief,Breaking News: Investing,Super Micro Computer Inc,Kroger Co,Burlington Stores Inc,JPMORGAN DRN,TJX Companies Inc,Markets,Breaking News: Markets,Investment strategy,NVIDIA Corp,business news
#Buy #nontech #stocks #positioned #long #haul #Bank #America

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