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2 strong shares of Oppenheimer’s leading analysts
Both the S&P 500 and the Dow Jones average closed at a record high, and the NASDAQ reversed the short time it took in the second week of March in the right. The market gain reflects several factors: relief that the $ 1.9 billion COVID bill passed Congress and was signed by the president; a general optimism that the continued vaccination program will enable a normal economic environment sooner rather than later; and a growing sense that recent inflation indicators will remain low. In short, sentiment among investors is generally positive, and it looks like it will remain so, despite an increase in treasury bonds, which reached its 10-year high in more than a year and the 30-year high. -year-yield a year-to-date high. As Oppenheimer’s chief investment officer John Stoltzfus noted in a recent macro note: ‘… the price of government bonds tends to suffer as economies leave a recession, while equities tend to benefit from an improvement in economic growth … ‘Per Stoltzfus’ memory, what we see to be expected: rising stocks, falling bond prices – and rising yields. The Oppenheimer Chief Strategy Officer outlines his view of the right investment position given the current circumstances and says: ‘We continue to favor equities in the current transition environment … We continue to promote information technology and cyclical top defense sectors , as well as exposure to large, medium and small capitalization. “If we keep this in mind, we are looking at two stocks that are recommended by some of the top analysts at Oppenheimer. These are analysts who stand high among their peers and rank the Top 25 out of more than 7,300 Wall Street pros covered by TipRanks and respect their recommendations. By passing the tickers through TipRanks’ database, we learned that the stocks they named as winners had earned a ‘Strong Buy’ consensus rating across the street. Let’s take a closer look. ChargePoint Holdings (CHPT) The first stock we are going to look at, ChargePoint, operates the necessary infrastructure on the backdrop of the electric car industry. EVs are the ‘in’ thing, and as adoption increases, so will the way we view our car transportation. ChargePoint works to make this possible, and has a leading position as the largest EV charging station operator in North America, and with a growing position in Europe. The company was announced in a SPAC deal this month. With the merger of the SPAC announced by the company, ChargePoint began trading as CHPT on the NASDAQ on March 1st. Following the transaction, ChargePoint has $ 615 million in cash available for use to pay off debt and finance business operations. These business operations are extensive. ChargePoint boasts more than 70% market share in the North American EV charging infrastructure segment, and more than 4,000 commercial and fleet customers. The company’s network contains more than 132,000 charging stations in North America and Europe. Among the fans is Oppenheimer analyst Colin Rusch, who is # 4 overall in the TipRanks database. Rusch sees a bright future for CHPT and an opportunity for investors. “We consider CHPT to be the leading electric vehicle charging infrastructure play … As a pioneer in electric vehicle charging, ChargePoint is building a very defensible business by designing smart charging infrastructure … We believe that this product design is crucial to enable features through ChargePoint a cloud-based platform, “Rusch believes. The analyst added:” We believe that CHPT falls under the largest EV charging networks worldwide and is positioning the company to accelerate growth , given its technological leadership. “For this purpose, Rusch gives ChargePoint a better performance (ie buy), together with a price target of $ 39 which indicates an upward increase of 62% for one year. (To see the record of Rusch, click here. This stock, new to the public markets, has already picked up three analysts’ ratings – and it’s all for sale, which makes Strong Buy’s consensus rating unanimous. CHPT shares sell for $ 24.01, and their average price target of $ 42, 67 – even more positive than Rusch allows – implies a strong upward rise of ~ 78%. (See CHPT stock analysis on TipRanks) Purple Innovation, Inc. (PRPL) EVs are not the only area where high-tech innovation Purple, a company founded in 2015, offers a new technological twist to products we all know well: mattresses, seat cushions and pillows.The company uses a ‘hyperelastic polymer’. technology to create soft mattresses and pillows that provide heat tbind. All of Purple’s products are manufactured in the USA and the product range includes, in addition to mattresses and pillows, also bedding, pajamas and even pet beds. During the third quarter of 2020, Purple had strong, perennial growth. The stock has more than tripled in value (248% growth) over a period of time, while sales revenue has been growing steadily for more than two years. It took a hit in the fourth quarter when the company missed expectations on revenue and earnings. The top line in that quarter, at $ 173.89 million, fell 7% in a row (although 39% higher than in the year-on-year), while the EPS, by 7 cents, was lower than forecast of 11 cents. On the plus side, the company’s revenue for 2020, $ 648.5 million, was 51% higher than in 2019 – and that was a record for the company. Purple closed 2020 with an annual return of 78 cents, up from 16 cents in the previous year, and increased its cash holdings by $ 89.5 million. Yet the stock lost 33% when the Q4 report was released, and has yet to regain it. However, Brian Nagel of Oppenheimer is not deterred by the recent slump in the stock. The 5-star analyst, ranked # 2 overall on TipRanks, describes Purple ‘as a disruption in the market for premium mattresses and bedding products and one of the most exciting growth stories in the consumer. Regarding the company’s prospects, Nagel says: ‘… although the figures have improved the market share significantly in recent quarters, PRPL still controls only 3% of the total mattress sector and only 6% of the market for premium mattresses. This indicates still meaningful opportunities for expanding sales. Nagel gives PRPL shares a better performance rating (ie buy), along with a price target of $ 45 which indicates confidence in a 42% increase for the next 12 months. (To see Nagel’s record, click here) Purple mattresses may be comfortable, but Wall Street analysts are not sleeping on this stock. They unanimously gave it 9 recent Buy reviews for a strong Buy consensus rating. The stock has an average price target of $ 36.78, indicating an upward one of 16% for the year compared to the trading price of $ 31.67. (See PRPL stock analysis on TipRanks.) To find great ideas for stocks recommended by the best performers, visit TipRanks’ top stocks. Disclaimer: The opinions expressed in this article are solely those of the proposed analysts. The content is for informational purposes only. It is very important to do your own analysis before investing.