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Top 6 stocks to buy in Q2 2023
Table of Contents
Let's take a look at what happened in Q1 2023
In the United States, TikTok is used by over 150 million people, but it is facing a possible ban. There has been an intense wave of scrutiny over the App by government officials concerned that Chinese government officials may gain access to user data, and the App may be weaponized by China in order to spread misinformation.
The current situation is very different from the one that prompted the 2008 global financial crisis, except for the rapidity with which the stock prices have fallen. There are negative economic and market effects associated with this liquidity crunch, but it is unlikely to result in a wholesale financial system freeze.
Top 6 stocks to buy in Q2 2023.
Take this time as an opportunity to look for stocks that had been unfairly dragged down by these unfortunate events.
Across the board, healthcare was a favored sector for stability. The healthcare sector’s earnings have historically proven recession-resistant, and we expect that to hold true in the next downturn.
As part of TikTok’s legacy data removal, Shou Zi Chew says that legacy U.S. data from Virginia and Singapore servers are being deleted: “We expect that to be complete this year. When that is done, all protected U.S. data will be under the protection of U.S. law.”
1. BridgeBio Pharma Inc (BBIO:NYSE)
BridgeBio Pharma is a biopharmaceutical company that focuses on treating genetic diseases and cancers. After BridgeBio released positive phase 2 clinical trial results for infigratinib, a treatment for achondroplasia in children, the stock surged more than 70%.
BBIO is currently traded at $16.57. Analyst consensus had rated the share as ‘Strong Buy’ with an average price target of $26.71, an 61.19% upside. Along with a with a high forecast of $32.00 and a low forecast of $18.00.
2. Reata Pharmaceuticals Inc. (RETA:NYSE)
Reata Pharmaceuticals is a biotechnology company specializing in treating rare diseases. Following the FDA’s approval of Reata’s Friedreich’s ataxia treatment candidate, Skyclarys, for patients 16 and older, shares rose more than 190% in just three trading days. As of now, Skyclarys is the only FDA-approved drug for Friedreich’s ataxia.
RETA is currently traded at $93.84. Analyst consensus had rated the share as ‘Strong Buy’ with an average price target of $107.50, an 14.56% upside. Along with a with a high forecast of $138.00 and a low forecast of $75.00.
The world is shifting away from fuel-based vehicles to vehicles powered by electricity. On top of that, on April 3, OPEC+ announced that they would cut millions of barrels per day at the latest meeting. This announcement may further accelerate publics’ decision to shift to electric vehicles.
3. Tesla Inc (TSLA:NYSE)
Tesla needed no introduction to the EV world. The company was well known for it services of designing and manufacturing electric vehicles, battery energy storage from home to grid-scale, solar panels, and many more.
Half of all auto sales could be EVs by 2030, according to a survey of industry executives. Tesla driven by aggressive price cuts in January set a new record for car deliveries during Q1 2023. in addition to Tesla, many EVs company follow suit with price reduction to compete in the market.
Tesla is currently traded at $194.77. Analyst consensus had rated the share as ‘Moderate Buy’ with an average price target of $218.50 an 12.18% upside. Along with a with high forecast of $300.00 and a low forecast of $120.00.
Computing power migrates from on-premise data centers to cloud-based servers. Well-known cloud computing infrastructure services such as Amazon, Apple, and Google have made this possible. Another worth mentioning a top cloud-based enterprise software available on the market today is Salesforce.com.
4. Salesforce Inc (CRM:NYSE)
Cloud-based software company Salesforce, Inc. provides sales, customer service, marketing automation, e-commerce, analytics, and application development software. In fiscal 2023 and 2024, revenue is expected to rise 17.2% and 10.5% to $31.05 billion and $34.31 billion, respectively.
So why cloud computing? The software-as-a-service giant has long runways for growth.
CRM is currently traded at $196.49. Analyst consensus had rated the share as ‘Moderate Buy’ with an average price target of $223.21 an 13.6% upside. Along with a with high forecast of $320.00 and a low forecast of $145.00.
With the rise of ChatGPT, more AI has emerged. AI is still a pretty new field. The key is to get in early on these trends and companies. Powerful trends can last for several years or even decades, giving you plenty of time to claim your share of their profits.
5. Microsoft (MSFT:NYSE)
As a leader in not one, but two of today’s most powerful technological trends: artificial intelligence (AI) and cloud computing, Microsoft occupies an important position in both fields. During the next few years, both of these should help to fuel the growth of the technology titan.
Microsoft invested $1 billion in OpenAI as part of a partnership making Microsoft Azure OpenAI’s exclusive cloud provider. OpenAI is the company behind the sensational ChatGPT.
MSFT is currently traded at $287.18. Analyst consensus had rated the share as ‘Strong Buy’ with an average price target of $296.18 an 3.13% upside. Along with a with high forecast of $411.00 and a low forecast of $241.00.
6. C3.ai (AI:NYSE)
Likewise, C3.ai is an enterprise software vendor that builds large-scale AI systems, as its ticker indicates. Investing in artificial intelligence has become a popular trend on Wall Street as a result of the success of OpenAI’s ChatGPT. This has resulted in a surge in the share price of C3.ai.
AI is currently traded at $$24.95. Analyst consensus had rated the share as ‘Hold’ with an average price target of $20.71 an -16.99% upside. Along with a high forecast of $28.00 and a low forecast of $12.00. Nevertheless, its Fibonacci pivot point is at $31.45 with 20-D and 50-D MA, Ultimate Oscillator and ROC give a Buy signal while RSI, CCI hinting for Sell Signal.
Considering that the market is currently undervalued, and at this point, it appears the Fed is nearing or has reached the end of its monetary policy tightening, inflation is continuing to decline, and long-term interest rates have reached their highest levels in many years. It is also expected that the next few quarters will be challenging.
The key takeaways/market update is a series by AxeHedge, which serves as an initiative to bring compact and informative In/Visible Talks recaps/takeaways on leading brands and investment events happening around the globe.
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