Things will be tame on the economic data front this week, especially compared to recent weeks. Meanwhile, Q2 earnings season kicks into high gear with companies like Netflix (NFLX), Johnson & Johnson (JNJ), Honeywell (HON) and Coca-cola (KO) set to report.
“Earnings have the spotlight in the coming week,” said Sam Stovall, chief investment strategist at CFRA. “You’re not going to see economic data upstage earnings.”
However, looming concerns about growing coronavirus cases threaten to overshadow earnings. Members from our team caution that volatility could be in store.
Recent uncertainty around inflation and growing coronavirus numbers has created some stellar opportunities to get in on potentially strong growth. In this article our team will focus on three such opportunities. Continue reading to find out which three stocks we’re watching this week.
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Teladoc (TDOC) stock is down nearly 50% from its all time high from just six months ago. The pullback is likely due to the stock’s high valuation, but many analysts feel that the pullback may be exaggerated considering the pandemic induced shift to telehealth will likely continue to bloom even as in-person visits resume.
The COVID-19 pandemic compelled most health systems to operate virtually. And virtual or telehealth services have emerged as the preferred choice for patients restricted to their homes to seek medical help.
In 2020, Teladoc’s visits in the U.S. rose by 156% year over year to 8.8 million while international visits soared 71% to 1.7 million. In the first quarter of 2021, U.S. visits were up 70% while international visits rose 8% year over year. Plus, Teladoc says the number of patients enrolled in more than one chronic-care program tripled in the first quarter. While a drop in revenue growth seems probable in 2021, it’s still growing at an enviable pace thanks to the convenience offered by the telehealth model.
TDOCs 22x trailing price to sales multiple may seem high, but not when compared to competitors within the space. Doximity (DOCS), for instance, is currently valued at a trailing price to sales multiple of 44x. Considering the robust performance of Teledoc’s platform, it seems like a no brainer for long-term minded investors.
It is possible a deeper pullback may be in the wings for TDOC ahead of their July 27th earnings call, in which case those who are focused on the long-term may get an even more attractive entry point. TDOC is one to keep on your radar as the week unfolds.
Of 30 analysts polled 18 rate TDOC a Buy, 11 rate it Hold and only 1 analyst rates the stock a Sell. A median price target of $230 represents a 57% upside for the stock.
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According to the California Air Resource Board, every 100,000 gallons of renewable natural gas supplied equates to removing 1,025 cars from the road. Clean Energy Fuels (CLNE) is the leading provider of natural gas for transportation in the U.S., operating more than 565 stations across the country. The company serves to reduce carbon emissions through the use of methane, a by-product of the breakdown from organic matter at waste treatment plants, landfills and farms.
Clean Energy delivers around 360 million gallons of renewable natural gas each year, which is a pretty good chunk of the country’s total annual production capacity of 500 million gallons. For the first quarter revenue fell resulting in an increase to net losses. This was mostly due to disruptions in the supply chain related to COVID-19.
The company recently signed a five year agreement with Amazon (AMZN) to provide renewable natural gas at 27 existing fuel stations and another 19 that are still being built. An agreement that could supply hundreds of millions of gallons of renewable natural gas alone But that’s not all. The e-commerce giant also plans to take up to a 20% stake in Clean Energy over the next ten years.
As the nation’s top producer of renewable natural gas, CLNE is well aligned to benefit from the Biden administration’s plan to reduce carbon emissions in the U.S. by 50% over the next decade.
CLNE shares have lost 36% over the past month, lagging the Utilities sector’s loss of 4% and the S&P 500’s gain of 3.86%. Investors will be hoping for strength from CLNE as it approaches its Q2 earnings release which is slated for August 5th. The company is expected to report EPS of $0, up 100% from the prior-year quarter.
Of 6 analysts offering recommendations for CLNE stock 4 rate the stock a Buy, 1 rate it a Hold and only 1 rates it a Sell. A median price target of $20 implies a 164% upside over the next 12 months.
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The world’s largest beverage maker, Coca-cola (KO), is seeing improvement in take-home and on-site sales as Covid-related restrictions are gradually being lifted. Attendance at sporting events and entertainment venues is starting to ramp up and will likely contribute a bump in sales in the next few quarters.
Earnings estimates have been trending higher in anticipation of Coca-cola’s upcoming Q2 earnings call. The company has a long established positive earnings history. For the past 6 straight quarters KO has topped earnings estimates. Impressively, for the past two quarters the company has boasted an average earnings surprise of 12.32%.
The stock has been the recipient of a string of upgrades since KO’s last earnings call. Most recently, Zacks Investment research upgraded the stock from Hold to Buy in a note issued to investors.
According to Zacks, “Shares of Coca-Cola outpaced the industry in the past year, thanks to its robust earnings surprise trend that continued in first-quarter 2021. This marked the sixth straight quarter of earnings beat. Additionally, the top line beat estimates after reporting a miss in the prior-quarter. Also, revenues grew 5% year over year, while organic revenues were up 6%. The company’s top line benefited from better price/mix and an increase in concentrate sales. Gains from aggressive cost management aided margins. The company is poised to gain from the streamlining of portfolio and accelerating investments to expand digital presence. However, continued pressures in the away-from-home channel, which account for nearly half of its revenues, affected revenues. Also, gains in the global value share in NARTD beverages was offset by negative channel mix.”
The company is expected to report Q2 earnings on Wednesday. Of 26 analysts polled, 16 rate the stock a Buy and 10 rate it a Hold. There are no Sell ratings for KO stock. A median price target of $60 represents an upside of 7% over the next 12 months. The stock also sports a 3.12% dividend yield.
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