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Palo Alto Networks (PANW) and Dycom Industries (DY) Are Aggressive Growth Stocks
As the aggressive growth stock strategist at Zacks Investment Research Brian Bolan is always hungry for a good idea. This time around he takes a look at one stock that just reported earnings and another one that will report tomorrow morning (8/21/24) before the open.
The broader purpose of this video is to show that bigger stocks that have a lot of research coverage don’t see a lot of earnings estimate revisions throughout the quarter. Instead the analysts will look at the report and listen to the conference call and then write up a report on what they think is coming. This means in the day or two or three following the print we can expect to see estimates move a bit.
Palo Alto Networks (PANW - Free Report) is a Zacks Rank #2 (Buy) and is a very large cyber security stock that just reported earnings last night after the close. The company has a market capitalization of more than $111B which is makes it a mega-cap company. The company beat the number and as a result the stock is up more than $30 a share at the time of filming this.
If you are looking for cyber security exposure in your portfolio this is one stock that should definitely be on your short list of names. Brian suggests that you wait for a pullback in the stock as the 8% move higher today could see a little profit taking.
Next up is Dycom Industries (DY - Free Report) Which is also a Zacks Rank #2 (Buy) and is in the building products – heavy construction industry. The company mostly services the telecom sector and they are always building out the next generation of communication services and maintaining the existing infrastructure.
Both of these stocks have seen very little movement in earnings estimates ahead of the earnings prints, but that should change in a day or two depending on when the Zacks System gets a hold of an updates to analyst models.
Just as in all of his Aggressive Growth Zacks Rank Buy videos, Brian reviews the earnings history, earnings estimates, growth projections and valuation before taking a look at the chart.