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Wall Street has been maintaining its northbound journey in the second half of 2024 after an impressive first half. U.S. stock markets’ rally, which started at the beginning of 2023 is showing no signs of declining barring some minor fluctuations. The rally is likely to gather pace over the remaining months this year as an interest rate cut in September is now almost certain.
Under this circumstance, it should be prudent for investors to put money in those stocks with strong momentum. Here we are recommending two medical stocks — DaVita Inc. (DVA - Free Report) and Illumina Inc. (ILMN - Free Report) .
These stocks have seen strong earnings estimate revisions in the last 30 days. This indicates that market participants are expecting these companies to do good business in the near future. Finally, both stocks sport a Zacks Rank #1 (Strong Buy) with a Zacks Momentum Score of A. You can see the complete list of today’s Zacks #1 Rank stocks here.
The combination of a top Zacks Rank, solid earnings estimate revisions and stock price momentum should drive prices further in the near term.
The chart below shows the price performance of our two picks in the past month.
Image Source: Zacks Investment Research
DaVita Inc.
DaVita has been expanding its global presence via its Integrated Kidney Care business. DVA has been generating solid revenues by providing dialysis services. DVA has been opening and acquiring several dialysis centers both within the United States and overseas, which is promising. DaVita’s four separate purchase agreements with Fresenius Medical Care also look promising. The company’s second-quarter 2024 results came in better than expected.
Strong Earnings Estimate Revisions for DVA
DaVita has an expected revenue and earnings growth rate of 5.4% and 18%, respectively, for the current year. The stock has seen positive earnings estimate revisions for the current quarter, current year, next quarter and next year in the last seven days. The stock price of DVA surged 11.3% in the past month.
Image Source: Zacks Investment Research
Illumina Inc.
Illumina is successfully advancing its presence in the gene-sequencing market with competitive products and a strong pipeline. ILMN’s strategic initiatives and collaborations are boosting the NGS adoption, helping the company maintain leadership in research and clinical markets.
Illumina’s growing oncology portfolio is driving advancements in cancer genomics, suggesting a long-term growth potential in this space. Moreover, ILMN now offers the full range of NovaSeq X products and availed XLEAP-SBS chemistry to mid-throughput customers. Favorable solvency is also encouraging.
Strong Earnings Estimate Revisions for ILMN
Illumina has an expected revenue and earnings growth rate of 4.3% and more than 100%, respectively, for the current year. The stock has seen positive earnings estimate revisions for the current quarter, current year, next quarter and next year in the last 30 days. The stock price of ILMN advanced 7.7% in the past month.
Image Source: Zacks Investment Research
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2 Must-Buy Medical Stocks With Strong Momentum
Wall Street has been maintaining its northbound journey in the second half of 2024 after an impressive first half. U.S. stock markets’ rally, which started at the beginning of 2023 is showing no signs of declining barring some minor fluctuations. The rally is likely to gather pace over the remaining months this year as an interest rate cut in September is now almost certain.
Under this circumstance, it should be prudent for investors to put money in those stocks with strong momentum. Here we are recommending two medical stocks — DaVita Inc. (DVA - Free Report) and Illumina Inc. (ILMN - Free Report) .
These stocks have seen strong earnings estimate revisions in the last 30 days. This indicates that market participants are expecting these companies to do good business in the near future. Finally, both stocks sport a Zacks Rank #1 (Strong Buy) with a Zacks Momentum Score of A. You can see the complete list of today’s Zacks #1 Rank stocks here.
The combination of a top Zacks Rank, solid earnings estimate revisions and stock price momentum should drive prices further in the near term.
The chart below shows the price performance of our two picks in the past month.
Image Source: Zacks Investment Research
DaVita Inc.
DaVita has been expanding its global presence via its Integrated Kidney Care business. DVA has been generating solid revenues by providing dialysis services. DVA has been opening and acquiring several dialysis centers both within the United States and overseas, which is promising. DaVita’s four separate purchase agreements with Fresenius Medical Care also look promising. The company’s second-quarter 2024 results came in better than expected.
Strong Earnings Estimate Revisions for DVA
DaVita has an expected revenue and earnings growth rate of 5.4% and 18%, respectively, for the current year. The stock has seen positive earnings estimate revisions for the current quarter, current year, next quarter and next year in the last seven days. The stock price of DVA surged 11.3% in the past month.
Image Source: Zacks Investment Research
Illumina Inc.
Illumina is successfully advancing its presence in the gene-sequencing market with competitive products and a strong pipeline. ILMN’s strategic initiatives and collaborations are boosting the NGS adoption, helping the company maintain leadership in research and clinical markets.
Illumina’s growing oncology portfolio is driving advancements in cancer genomics, suggesting a long-term growth potential in this space. Moreover, ILMN now offers the full range of NovaSeq X products and availed XLEAP-SBS chemistry to mid-throughput customers. Favorable solvency is also encouraging.
Strong Earnings Estimate Revisions for ILMN
Illumina has an expected revenue and earnings growth rate of 4.3% and more than 100%, respectively, for the current year. The stock has seen positive earnings estimate revisions for the current quarter, current year, next quarter and next year in the last 30 days. The stock price of ILMN advanced 7.7% in the past month.
Image Source: Zacks Investment Research