Some under-the-radar healthcare stocks are unlikely attractive picks, according to Renaissance Macro Research chairman Jeff deGraaf. The technical analyst, who studies charts to make buying and selling decisions, said on CNBC’s “Squawk on the Street” on Monday that while the overall sector isn’t fairing as well as he’d like, there’s still value in names apart from the top line pharmaceuticals. “What’s happening today though is it’s not pharma that’s really driving it which would really sort-of be exhibit A from a defensive standpoint, its the healthcare equipment names,” deGraaf said. “From a cyclical standpoint even within the healthcare sector, they’re starting to break out.” DeGraaf listed Stryker , Bruker and Boston Scientific as “good looking, long-term charts” thanks to both their discretionary spend and chart cyclicality within the healthcare space. He added that these stocks have turned the corner over the past 18 months despite broader macroeconomic headwinds. BRKR YTD mountain Healthcare equipment stocks are some of the most attractive picks in the overall sector, according to Renaissance Macro Research chief Jeff DeGraaf. So far this year, all three stocks have climbed considerably, with Bruker and Stryker adding 15% and 17.5%, respectively. Boston Scientific, meanwhile, has climbed 8.3% from the beginning of 2023. SYK YTD mountain Stryker is leading the pack of out Jeff DeGraaf’s picks, with a gain of roughly 17.5% so far this year. Healthcare stocks are often touted as defensive investments during economic turmoil and recessions thanks to their predictable earnings and steady consumer growth. DeGraaf is in the Institutional Investor magazine Hall of Fame for chart analysis.
