It is no secret that the stock market has been led by tech stocks. The NASDAQ Composite continues to push higher, fueled by popular stocks like Amazon and Tesla. Yesterday’s action followed the familiar pattern of large caps moving sideways while tech stocks broke higher. It can be easy to fall into the trap of going out there and buying any four-letter ticker you see. But eventually, it is the stocks with the strongest earnings trends that will continue to press higher.
One way to find these stocks is to lean on the time-tested strength of the Zacks Rank. Today’s Bull of the Day is one such stock. I’m talking about Zacks Rank #2 (Buy) Intuit (INTU - Free Report) . Intuit Inc. provides financial management and compliance products and services for consumers, small businesses, self-employed, and accounting professionals in the United States, Canada, and internationally. The company operates in three segments: Small Business & Self-Employed, Consumer, and Strategic Partner.
The reason for the favorable Zacks Rank is the slew of earnings estimates coming from analysts. Over the last sixty days, nine analysts have increased their estimates for the current year while three have done so for next year. The bullish sentiment has pushed up the Zacks Consensus Estimate from $8.10 to $8.55 for the current year while next year’s number is up from $9.30 to $9.70.
Intuit is in the earliest stage of its move off the 50-day. The business and financial software company was hot coming off its last earnings report. The stock rallied enough to nearly top $360. From there, the selling has it back within a few bucks of its 50-day moving average in the $310s. The timing could be right here for this Zacks Rank #1 (Strong Buy).
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