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Analysts call these three stocks the top picks for 2021
This year is coming to an end, and it is time for Wall Street analysts to start marking the stocks of choice for the coming year. In most industries, this is a time-honored tradition. Sometimes you look at the situation ahead with your tongue and start to make suggestions about the metaphorical crystal ball. Analysts have been analyzing each stock to take a closer look at past and current performance, trends in various time frames, management plans-analysts take all factors into consideration. Their suggestions provide valuable guidance for building a resilient investment portfolio in the new year. Generally, TipRanks collects and organizes selected data and makes it available to investors. The stock selection and its data make some interesting choices. Let us take a closer look. UTZ brand (UTZ) UTZ brand is a familiar label in the eastern United States. The company is known for its types of snack foods, which are salty rather than sweet. The company’s food line (including pretzels, potato chips, snack mixes and popcorn) is a common choice in vending machines. In August, UTZ (called Utz Premium Foods at the time) reached a business merger agreement with Collier Creek, a special purpose acquisition company. The merger allowed the old snack company to enter the field of public trade. Recently, UTZ announced strong third-quarter results and announced that it has reached an agreement to acquire rival snack food company Truco. The quarterly results were first released on November 5, showing net sales of US$248 million, a year-on-year increase of 24%, and gross profit growth of 23%. A week later, UTZ and Truco announced a $480 million acquisition agreement, which will include the “On the Border” brand tortillas and salsas sauce into the UTZ product line. 5-star analyst Rupesh Parikh said Oppenheimer covers this stock. The way forward for the company. “[Following] The company announced the acquisition of Truco Enterprises on 11/12, [we] Overall, the transaction economy, synergy opportunities, leverage in attractive tortilla categories including ancillary products (sasa and queso), and the brand’s compelling growth prospects are very promising,” Parikh ) Said. Analysts concluded that organic sales growth of at least 3-4%, EBITDA growth of 6-8%, and the upward selectivity of strategic acquisitions. For this reason, UTZ is still Parikh’s preferred small stock. Analysts will The stock is rated as outperforming the market (i.e. buy) and a target price of $24 (this figure means there is a 28% upside at the current level (to see Parrick’s track record, click here)). Wall Street likes this stock and has an excellent analyst consensus rating-Strong Buy. In the past 3 months, 6 of the 7 analysts tracked by TipRanks are optimistic about UTZ, and only one On the sidelines, the stock’s consensus target price is $21.71, and the potential return is about 16%, at $21.71. Ring Center al, Inc. (RNG) ranges from salty snacks to telecommunications technology. RingCentral is a cloud-based business Communications company. The company’s product is a software platform package that combines telephone and computer systems. The flagship product platform RingCentral Office allows the communications system to be compatible with other popular business applications, including DropBox, Google Docs, Outlook and Salesforce. RNG also provides The unique functions necessary for the communication system: call forwarding, phone extension, vid call and screen sharing. Many content in the modern business world is related to problem solving, and RingCentral solves problems for customers, and the results are clearly visible. Revenue and stocks Performance. By 2020, operating income has been growing. The third-quarter revenue was US$303 million, an increase of 9.3% from the previous quarter. After the mid-winter COVID plunge, the stock recovered easily, and the stock price has risen 76% so far this year. The downside is that, RingCentral is in a state of net loss, even if revenue increases and net loss has aggravated the net loss. Inventory appreciation. The third quarter EPS loss was 24 cents. PiperSandler’s five-star analyst James Fish (James Fish) published Regarding RNG’s comments, he is optimistic about the company’s future. “RingCentral can be integrated in the entire communications software stack (including contact centers), so it can win new customers and expand its existing scale. We continue to recommend that RingCentral be listed as one of the “core 4″ in our coverage and have a name for the next for a few years,” Fish commented. Therefore, Fish reiterated that RNG is his first choice. Analysts rate the stock It is an “overweight” (ie “buy”) and a target price of US$362. At current levels, this indicates a possible increase of 21% in the coming year. Overall, RingCentral has recently had 10 comments, including 9 buys and 1 holding, which makes analysts generally believe that “buy.” The average target price is $337.22, which has 13% upside from the current trading price of $297.79. (See RNG stock analysis on TipRanks) DraftKings, Inc (DKNG) The world of fantasy sports has helped bring fans into the game, and now the professional league has resumed competition-despite a short season, due to the Coronavirus-DraftKings, the fantasy league online games have been making progress In addition to creating fantasy leagues, DraftKings also offers sports betting. The company’s online model fits well with the social distancing restrictions established in response to the ongoing viral health crisis. In the third quarter, the results were reported earlier this month. DraftKings has many Good news. Revenue was US$133 million, which was US$1 million higher than expected. The net loss per share was not as deep as analysts feared. The company reported an important indicator-monthly unique users-exceeding 1 million, which is An important milestone. Looking ahead, DraftKings revised upwards its guidelines for fiscal year 2020, raising the midpoint of the range by 5.7% to US$540 million to US$560 million. By 2021, the midpoint of revenue expectations will be even greater. Optimistic, reaching $800 million. But this is not the only key here. DraftKings operates in 19 states and DC-jurisdictions that allow legal online sports betting. However, 8 other states are in various stages of legalizing DraftKings’ niche , The company hopes to expand its business. Rosenblatt analyst Bernie McTernan summarized DraftKings’ prospects,”[DKNG] It is still our first choice in the field of consumer technology. Given that the guidance of “20E and 21E” is better than expected, the third quarter revenue will continue to keep the revenue forecast positive. We are at the high end of the 21E range, and given that we at least expect MI and VA to go online, we think this is achievable. “The analyst added, “The launch of NSW will put pressure on short-term adjustments. Earnings before interest, taxes, depreciation and amortization, but encouragingly, the company pointed out that New Jersey is their most mature market, and they had hoped that the company’s profitability would improve. McTernan rated DKNG as “Buy” and its target price of $65 means its strong 41% 1-year upside. (To view McTernan’s history, click here). In total, DraftKings records With 19 comments, including 13 buys and 6 holds, the stock is given a medium buy rating consistent with analysts. The current price of the stock is $46.24 and the average target price is $59, which makes the company next year The upside potential is 38%. (See DKNG stock analysis on TipRanks.) To find a good idea for stocks with attractive valuations, please visit TipRanks’ Best Buys to Buy, a newly launched tool that can All the stock insights of TipRanks are combined. Those featured analysts. The content is for reference only. It is very important to conduct your own analysis before making any investment.
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