Earnings season is revving up, and Bank of America has picked out a series of stocks to buy in advance of their quarterly reports. The firm said there is no shortage of companies that are priced to perfection and still have room for upside. CNBC Pro combed through top research from Bank of America to find buy-rated stocks ahead of earnings.
They include Broadcom , Eletrobras , Taiwan Semiconductor Manufacturing, CompoSecure and New Oriental Education & Technology Group . Eletrobras Analyst Arthur Pereira is pounding the table for shares of the Brazilian electric utilities company. U.
S.-traded shares are off 16% in 2024. Pereira recently said he is seeing a "potential inflection point in (pessimistic) sentiment," and the analyst urged the firm's clients to buy the dip in a recent note.
He said he sees fundamentals picking up, which will position the stock for a re-rating. Other positive catalysts include "higher power prices, upward revisions to transmission revenues [and] accretive asset sales," Pereira wrote. "Reiterating as one of the top-picks for the next 12M [months]," he said.
The company is set to report earnings in early August. Broadcom Shares of the chipmaker are up 52% this year, and they still have higher to go, according to analyst Vivek Arya. He recently raised his price target on the stock to $2,150 per share from $2,000.
Broadcom remains on a "transformation to a growth from a value stock," Arya wrote, as artificial intelligence takes hold and the company enjo.