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Even as the Nasdaq Composite Index hits new highs, investors can still find stocks within the index that have room to move higher. The tech-heavy Nasdaq rose more than 1% on Friday, hitting a record high. Just the day before, it closed at its highest level since November 2021. The index, which has been rising as mega-cap tech stocks and semiconductors rally amid hype around artificial intelligence, was the last of the three major averages to hit the highest. Closed this year. Analysts said a search of the Nasdaq’s top 100 non-financial companies using the CNBC Pro Stock Screener tool found stocks with potential for a comeback, including AstraZeneca and Warner Bros. Discovery. These stocks have consensus buy ratings from analysts, with an upside of more than 20% from the average price target. Below is a list of companies that meet these criteria. Biotech companies AstraZeneca and Biogen are down 4% and 14%, respectively, year-to-date. Analysts have a buy consensus rating on both stocks, predicting that AstraZeneca could rise more than 26%, while Biogen could rise about 40%. Deutsche Bank downgraded AstraZeneca from hold to sell in early February, citing the biopharmaceutical company’s “underwhelming” and “underwhelming” fourth-quarter profit, which fell short of earnings expectations. However, AstraZeneca said it expected sales and core earnings per share to increase by double-digit percentages in 2024. Analysts also think Biogen has more momentum. However, the company missed Street estimates in the fourth quarter, leading Wells Fargo to lower its rating on the stock from overweight to equal weight. The company noted that there are “too many uncertainties” going forward, which could limit share price growth. Moderna, another healthcare company named to the list, was downgraded by HSBC on Monday to alleviate hesitancy about its coronavirus vaccine and personalized cancer vaccine program. According to LSEG (formerly Refinitiv), 12 out of 25 analysts covering the stock rate it a “buy” or “strong buy,” and the consensus price target suggests a 35% increase from here. are doing. Outside of healthcare, analysts remain bullish on energy company Baker Hughes and struggling media conglomerate Warner Bros. Discovery, predicting their shares could rise more than 36% and 53%, respectively. ing. Last month, Bank of America reiterated its buy rating on Baker Hughes. The company lowered its price target by $1.50 to $37.50. 22 out of 27 analysts surveyed by LSEG rate the stock a “buy” or “strong buy,” with an average price target suggesting an upside of 35% from here. Bank of America analyst Saurabh Pant said: “We continue to generate strong FCF, returning 60% to 80% of that to shareholders, while continuing to grow in LNG (equipment and services) and new energy/CCS. “We believe that this will be an important beneficiary of our increased focus on In the memo.
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