After the market’s tumultuous sell-off in early August, pharmaceutical firm Eli Lilly emerged as a standout performer. With shares up nearly 19% in August alone and a significant 64% increase in 2024, the company’s trajectory is impressive. Notably, Eli Lilly hit a fresh 52-week high of $972.53 on August 22nd. Analysts are bullish on the stock’s future prospects, with around 67% maintaining a buy rating and predicting a potential 6%+ upside. This positive outlook is further fueled by the recent announcement of a more affordable version of Zepbound aimed at patients lacking health insurance coverage for weight loss drugs.
Walmart: Retail Giant Defying Expectations
Another noteworthy contender for continued growth post-market rebound is retail behemoth Walmart. With shares surging over 45% this year and an additional 11% increase in August, Walmart has shown resilience and strength. The company’s fiscal second-quarter results exceeded Wall Street’s projections, with executives highlighting robust consumer spending. Additionally, Walmart raised its full-year sales growth forecast to 3.75% to 4.75%, up from the previous estimate of 3% to 4%. This optimistic outlook is mirrored by over 69% of analysts maintaining a buy rating on Walmart stock, projecting a 6%+ upside potential.
Other Promising Candidates
Beyond Eli Lilly and Walmart, other stocks that have staged impressive rebounds include insurance firm Progressive and retailer Ross Stores. These companies have showcased resilience and potential for growth following the market’s August sell-off. As investors assess the landscape post-recovery, these stocks stand out as potential opportunities for continued upside.
The market’s rebound post-August sell-off has unveiled several promising candidates for future growth. Eli Lilly and Walmart, alongside other notable contenders, have demonstrated strength, resilience, and positive momentum. Analysts’ optimistic projections further support the case for continued upside potential in these stocks. As investors navigate the evolving market conditions, keeping an eye on these standout performers could prove to be a strategic move in capitalizing on future opportunities.