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Analysts recommend Berkshire Hathaway, Coterra Energy, and Disney as key stocks to watch. These stocks are expected to gain 20% or more by year-end.
As we enter the second half of 2024, multiple factors will continue to impact the direction of the markets, from U.S. interest rate cuts to Chinese growth.
Currently, there are three stocks that merit investors’ and analysts’ attention for the rest of the year. All these stocks have a 20% upside compared to their price targets.
Berkshire Hathaway
With expectations of a 20.8% increase, Berkshire Hathaway has already gained 13% year to date. Its rating was upgraded from hold to buy, as the company’s financials look strong.
Berkshire Hathaway gets an upgrade to buy, citing cheap valuation https://t.co/0GodFiQkqh
— CNBC (@CNBC) May 29, 2024
Another estimate puts the price target of the conglomerate to $424, a 19% YoY change.?
The company’s fundamentals look strong, as indicated by its recent results, which showed operating earnings rose 39%. It also registered a 185% increase in insurance underwritings—from $911 million to a whopping $2.59 billion. Believing in the axiom that cash is king, the company was able to hoard $188.99 billion from $167.6 billion in Q4.?
As per JP Morgan’s estimates, Berkshire Hathaway owns 3% of the total treasury bill market.
Coterra Energy
This year, many energy stocks are on the list of top stocks to watch, and so is Coterra Energy (CTRA).
The stock price is only up 5% in 2024. However, the expectation is that CTRA price can rally around 26.5%. The company has maintained a buying rating, and many agencies, such as Truist Securities, have upgraded its status from Hold to Buy.?
Its recent earnings beat the estimates supported by production increases due to stable (or higher) oil prices. Its natural gas production increased 7.4%, while oil production witnessed an 11.2% uptick on a YoY basis.
The company plans to raise oil production from 102,000 bpd to 107,000 bpd. Geopolitical issues may keep the oil prices at a profitable level for drilling activity and OPEC+ cuts will also start to unwind by the end of the year providing further impetus to the company’s financials.?
Disney
Listed among Wall Street’s favorites, Disney is expected to increase 25% in the next 12 months. So far this year, the Disney share price has been up 1.2%.?
The company’s revenue has increased to $85 billion in the last 12 months, compared to $65 billion in 2020, as footfall improved and consumer spending returned. The trend for its park segment for the rest of the year also looks strong. Many analysts believe that Disney shares at their current price are undervalued, and in a survey, 19 out of 30 analysts suggested it as a strong buy.
Although Disney has been facing some challenges recently, analysts believe that the company has sound financial standing. It announced an increase in dividends, and its streaming business has now started to operate profitably. Disney is also considering launching a streaming version of ESPN in the second half of 2025.
The general state of the US Economy
Goldman Sachs has improved its outlook for the S&P 500 to 5,600 by the end of 2024. Citi bank also sees the S&P 500 growing to the same level as Goldman’s.
The third firm, Evercore ISI, is also highly bullish on the S&P 500. It has set a target of 6,000 by year-end as it doesn’t see any signs of a bubble.
All of these positive outlooks rest on the fact that the current challenges are addressed. Moreover, many have warned of a correction in 2025.?
