Some stocks that led the market's comeback after a steep sell-off in early August could be poised for more upside ahead. Equities are on stronger footing compared to where they were after a brutal sell-off on Aug. 5.
All three major indexes have recovered their losses. The S & P 500 is up roughly 2% in August, while the 30-stock Dow Jones Industrial Average and Nasdaq Composite have advanced nearly 1% each. But after this wild move, it is worth considering where stocks could head next.
CNBC Pro screened FactSet data to find stocks that stood out during the market's rebound and might have more room to run. To find names with potential, the screen looked for the following criteria: Shares on the list have hit a fresh 52-week high since Aug. 5 Buy ratings from at least 55% of analysts covering the stock Shares have posted a 10% rise or more since Aug.
5 Pharmaceutical firm Eli Lilly made the list. Shares have advanced nearly 64% in 2024 and roughly 19% in August alone. The stock notched a fresh 52-week high of $972.
53 on Aug. 22. Analysts remain bullish that the stock has even more upside ahead, with about 67% of analysts surveyed by FactSet maintaining a buy rating with their average forecasts implying more than 6% upside ahead.
LLY YTD mountain Eli Lilly stock. Shares edged higher on Tuesday following news that Eli Lilly would debut a cheaper version of Zepbound to target patients without health insurance coverage for weight loss drugs. Walmart also made the cut.
Shares have climbed more than 45% this year, with an 11% gain in August alone. On Tuesday, the retailer notched a record high of $76.45 per share.
The company's fiscal second-quarter results surpassed Wall Street estimates on Aug. 15, with executives noting that consumer spending remains strong. Walmart also boosted its full-year sales growth forecast to a range of 3.
75% to 4.75%. Previously, it estimated 3% to 4% growth.
WMT YTD mountain Walmart stock. More than 69% of analysts polled by FactSet maintain a buy rating on Walmart stock, with their average price target implying upside of 6%. Other stocks on the list that have notched sharp rebounds include insurance firm Progressive and retailer Ross Stores .
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