Best US Stocks to Buy: After the most recent consumer price index, or CPI, reading came in lower than expected on Nov. 10, the S&P 500 increased by 5.5%. The notion that the Federal Reserve may finally be making strides against inflation was welcomed by investors.
Some investors believe that the S&P 500’s greatest day since April 2020 signals the end of the 2022 bear market. There are still opportunities to buy stocks close to their 2022 lows, despite the CPI rally. Here are eight stocks to buy that have “buy” ratings from Bank of America analysts and are still 6% away from their 52-week lows.
5 Best US Stocks to Buy Near 52-Week Lows
Walt Disney Co. (DIS)
Medtronic PLC (MDT)
Telefonica Brasil SA (VIV)
Southwest Gas Holdings Inc. (SWX)
Fox Corp. (FOXA)
Walt Disney Co. (DIS)
Theme parks are run by Walt Disney, a multifaceted worldwide entertainment giant that also creates TV and film content. Following the company’s poor third-quarter earnings report, Disney shares fell to an all-time low of $86.28 earlier this month. Investors should purchase Disney on the downturn, according to analyst Jessica Reif Ehrlich, considering that the company’s earnings announcement was not as dismal as it may have appeared at first glance. The demand for Disney’s theme parks is strong, according to her, and the operational income shortfall was primarily caused by one-time costs. The DIS stock, which ended November 11 trading at $95.01, has a “buy” rating and a $115 price objective from Bank of America.
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Medtronic PLC (MDT)
Manufacturer of medical devices Medtronic has four business divisions: cardiovascular, medical-surgical, neurology, and diabetes. As part of a strategy to consolidate its portfolio and concentrate on higher-growth sales, the company intends to spin off its patient monitoring and respiratory interventions businesses. In a recent report, Medtronic stated that their patented system, designed to lower ambulatory systolic blood pressure, missed its key efficacy target. Based on the results of numerous further clinical trials, analyst Travis Steed states that Medtronic is still sure that the device is effective. The MDT stock, which closed at $83.55 on November 11, has a “buy” rating and a $120 price target from Bank of America.
Telefonica Brasil SA (VIV)
The largest wireless provider in Brazil is Telefonica Brasil, a subsidiary of the Spanish multinational telecom company Telefonica SA (TEF). In September, the stock dropped to its 2022 low of $7.39, and it hasn’t made much of a comeback since. After experiencing reductions in its fixed-line business for five years, analyst Fred Mendes believes Telefonica Brazil is moving away from its legacy goods and toward fibre optic services. Mendes claims that despite the adverse macroeconomic situation, the company’s premium mobile customer base has held up well. VIV stock, which ended at $7.74 on November 11, has a “buy” rating and a $11 price target from Bank of America
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Southwest Gas Holdings Inc. (SWX)
Southwest Gas is a distributor and shipper of natural gas with clients in Arizona, Nevada, and California. The business also offers pipe construction and maintenance services through its construction services division. SWX shares fell as low as $62.84 in November, but analyst Julien Dumoulin-Smith thinks Southwest has a favourable valuation and the sale of the MountainWest Pipeline and Centuri assets might work as a bullish catalyst. In 2023, Dumoulin-Smith anticipates earnings growth of 20.4% and revenue growth of 7.3%. SWX stock, which closed at $66.45 on November 11, has a “buy” rating and a $87 price target from Bank of America.
Fox Corp. (FOXA)
Twenty-First Century Fox’s news, sports, and entertainment division, Fox, was separated in 2019. After the business signed an agreement with FanDuel’s parent company Flutter Entertainment PLC (PDYPF) to acquire an 18.6% stake in FanDuel at a $20 billion valuation, significantly greater than the $11.2 billion price Fox was seeking, Fox shares recently fell to their lowest level since 2020. Reif Ehrlich claims that Fox now has a sizable amount of exposure to online sports betting, which will work in harmony with Fox’s best-in-class sports asset portfolio. The FOXA stock, which ended at $30.52 on November 11, has a “buy” rating and a $42 price target from Bank of America.
Disclaimer
The information in this piece is strictly the author’s opinion, does not constitute investment advice, and is only being made available for informational reasons. By doing so, you acknowledge that the information is not intended to serve as investment advice or financial guidance. Before making any investing decisions, do your own research and contact financial professionals.