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Analysts are getting bullish on these stocks slated to report next week, including Meta

Chaim Potok by Chaim Potok
July 20, 2023
in Investing
Analysts are getting bullish on these stocks slated to report next week, including Meta
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Analysts have been licking their chops ahead of some earnings reports. Roughly 150 S & P 500 companies are slated to report next week, including Microsoft , Coca-Cola and Boeing . Investors will look for clues on how well corporate America is doing, especially as the broader market index trades near its highest levels in more than a year. The earnings season has been mixed. Of the more than 70 names in the S & P 500 that have reported, 78% have exceeded expectations, according to Nick Raich of The Earnings Scout. That beat rate is below a three-year average of 80%. That said, there are some companies carrying momentum into their reports. CNBC Pro screened the S & P 500 for names that met the following criteria: Slated to report next week Average earnings per share estimate up 10% or more in the past three months Average earnings per share estimate up at least 10% in the past six months Here are the six stocks that made the cut. Tech giant Meta Platforms , slated to report Wednesday, has had its earnings estimates hiked by more than 21% over the past three months. Those forecasts are also up 57% over the past six months. Meta shares have been on fire this year, as the social media company trims costs, and investors look for exposure to the artificial intelligence craze. Year to date, the stock is up more than 150%. JPMorgan analyst Doug Anmuth has an overweight rating on the stock, calling it a top pick, ahead of the report. “The online ad market has been choppy the past several quarters with ongoing macro volatility, platform privacy changes, & heightened competition. However, based on recent checks we believe the broader market has stabilized through 2Q and advertiser sentiment has improved, albeit within a still-challenging macro backdrop,” he wrote Thursday. General Motors also made the list. The average earnings per share estimate for the automotive giant is up 22% in the past three months. Over the past six months, this metric is up 18%. GM shares have slightly lagged the market this year, but they’re up 16% over the past three months. Last month, the company reached a deal with Tesla that gives it access to the EV maker’s charging network . The company is slated to report earnings Tuesday before the bell. GM YTD mountain GM in 2023 Another name that made the cut is PulteGroup . Analysts on average have raised their earnings estimates by 38% over both the past three and six months. Shares are up more than 70% in 2023. On Thursday, the stock hit a record high. Other stocks that made the list are Alaska Air , Paccar and Royal Caribbean . —CNBC’s Michael Bloom contributed reporting.



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