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BANK OF AMERICA: Buy these 8 stocks to make a killing in the next 3 months
Bank of America Merrill Lynch released a list of short-term stock recommendations to clients on Monday.
"These high conviction ideas are based on our views of potential significant market and business-related catalysts that we think will affect these stocks in the quarter," the bank said in a note.
Here are the top eight:
Abbott Laboratories (ABT)
Rationale: Driven by the medical technology company's recent launch of FreeStyle Libre, a new product for monitoring diabetes, analysts predict 7% revenue growth in the first quarter.
BAML price target: $70.00
Current price: $58.38
Year-to-date performance: -1.00%
Data provided by Bank of America Merrill Lynch
Automatic Data Processing (ADP)
Rationale: ADP is expected to ramp up its sales force productivity. Corporate tax cuts also make the shares of the company — which is expected to use benefits to increase returns to shareholders — an attractive buy, according to analysts.
BAML price target: $138.00
Current price: $113.02
Year-to-date performance: -2.89%
Data provided by Bank of America Merrill Lynch
Coca-Cola European Partners (CCE)
Rationale: Cost-saving measures, led by a new marking partnership with The Coca-Cola Co (KO), could send CCE revenue climbing. Read more on CCE here.
BAML price target: $48.00
Current price: $40.88
Year-to-date performance: +2.87%
Data provided by Bank of America Merrill Lynch
Discovery, Inc. (DI SCA)
Rationale: Discovery Communications is expected to outperform following its merger last month with Scripps Network Interactive, Inc (SNI), which could allow better advertising yields.
BAML price target: $30.00
Current price: $21.64
Year-to-date performance: -6.32%
Data provided by Bank of America Merrill Lynch
Dover (DOV)
Rationale: Dover recently announced it's breaking off its upstream energy businesses, which are seen as having a limited growth profile, into a separate company. The spin-off could send Dover's industrial assets climbing.
BAML price target: $117.00
Current price: $95.59
Year-to-date performance: -6.53%
Data provided by Bank of America Merrill Lynch
Lowe’s Companies, Inc (LOW)
Rationale: A switch up in company leadership could allow the home improvement retailer to catch up with rivals and outperform, according to analysts.
BAML price target: $105.00
Current price: $83.53
Year-to-date performance: -8.42%
Data provided by Bank of America Merrill Lynch
MGM Resorts (MGM)
Rationale: Analysts say an accelerating top-line and protection from a potential trade war make shares of MGM attractive in the second quarter.
BAML price target: $39.00
Current price: $34.07
Year-to-date performance: +1.31%
Data provided by Bank of America Merrill Lynch
Qualcomm (QCOM)
Rationale: The US chipmaker is expected by analysts to be approved for its purchase of Dutch NXP Semiconductors, which could shift focus to cutting costs. Read more on QCOM here.
BAML price target: $75.00
Current price: $53.65
Year-to-date performance: -17.96%
Data provided by Bank of America Merrill Lynch
BANK OF AMERICA: Buy these 8 stocks to make a killing in the next 3 months
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