These stocks had a huge first half. Wall Street believes the rest of the year could be even better
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While the stock market is on pace for a surprisingly big rally in the first half of the year, certain stocks have led the pack. The U.S. economy has so far dodged a recession and consumers are continuing to spend, which is underpinning Wall Street’s optimism. Last week, the Federal Reserve forecast two more interest rate hikes before the end of the year, but the S & P 500 , Nasdaq Composite and Dow Jones Industrial Average all posted weekly gains . Stocks across the consumer and travel sectors on Wall Street including MGM Resorts and Delta Air Lines have both climbed nearly 30% in 2023, but analysts think the good times are just getting started for a swath of companies. CNBC used FactSet data to screen for stocks that meet the following criteria: Stocks included have gained more than 14% from the start of the year. Analyst price targets compiled from FactSet imply at least 15% upside in the next 12 months. Buy ratings from at least 60% of analysts. Stocks are S & P 500 constituents. Data below is current as of Tuesday’s close. Despite a slip in Warner Bros. Discovery stock in recent days after “The Flash” failed to reach opening weekend box office expectations, shares have still gained roughly 30% this year. The average analyst price target implies nearly 70% upside from the stock’s current trading levels, according to FactSet, while about 61% of analysts covering Warner Bros. maintain a buy rating. WBD YTD mountain Warner Bros Discovery stock has climbed nearly 30% so far in 2023. MGM Resorts and Caesars Entertainment have so far proven this year that consumers are willing and eager to travel and spend. MGM has added 28% from the start of the year, while Caesars stock has climbed 18% as of Tuesday’s close. Analyst price targets for MGM and Caesars implies 33.5% and 42.7% upside for each stock, respectively. MGM CZR YTD mountain Both resort-casino stocks have posted strong gains from the start of the year. Peer Las Vegas Sands isn’t exempt from the positive sentiment. Nearly 74% of analysts rate the stock as a buy, according to FactSet, while their average price targets imply 20% upside. The company is expanding into the New York area with plans for a Long Island casino around the Nassau Coliseum hub. Delta, meanwhile, has added 29.3% from the start of the year. Of the analysts who cover the stock, 81% rate it a buy, while the average price target forecasts about 23% upside from current trading levels, due to strong consumer travel demand . DAL YTD mountain More than 80% of analysts covering Delta rate the stock as a buy, according to FactSet. Other names that made the cut include Taser maker Axon Enterprise , animal pharmaceuticals name Zoetis and Alaska Air Group .
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