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The market has started 2023 off on the right foot, with many stocks finding buyers year-to-date.
While we’ve flipped the calendar to a fresh year, the forces that negatively impacted the market in 2022 remain at the forefront of investors’ concerns, namely the Fed’s pivot to a hawkish nature in an attempt to cool down inflation.
And this morning, we received the latest Consumer Price Index (CPI) print, which revealed that the index rose 6.5% in December on a year-over-year basis. Further, Core CPI (which doesn’t include energy and food prices) climbed 5.7% year-over-year, precisely in line with estimates.
While the market digests the news, several stocks – Jinko Solar (JKS - Free Report) , American Airlines (AAL - Free Report) , and Exact Sciences (EXAS - Free Report) – have entirely ignored the market’s concerns, going on remarkably strong runs so far in 2023.
Below is a chart illustrating the year-to-date performance of all three stocks, with the S&P 500 blended in as a benchmark.
Image Source: Zacks Investment Research
As we can see, all three have enjoyed strong price action year-to-date. In addition, all three have seen their near-term earnings outlooks drift higher, providing the fuel needed to continue climbing.
Let’s take a closer look at each one.
Jinko Solar
Jinko Solar is a widely famous solar technology company with its business covering the core links of the photovoltaic industry chain.
Analysts have upped their earnings estimates for the company’s current and next fiscal year, helping land JKS into a Zacks Rank #1 (Strong Buy).
Image Source: Zacks Investment Research
The company’s valuation multiples aren’t stretched; JKS shares currently trade at a 9.4X forward earnings multiple, well beneath the 12.2X five-year median and the Zacks Energy – Alternate Sources industry average of 20.4X.
Jinko Solar carries a Style Score of “A” for Value.
Image Source: Zacks Investment Research
Growth is more than apparent, with the Zacks Consensus EPS Estimate of $3.70 for its current fiscal year (FY22) suggesting an improvement of more than 115% Y/Y. And in FY23, estimates indicate a further 93% of earnings growth.
American Airlines
American Airlines, the largest airline internationally, provides passenger and cargo services. Currently, the company sports a favorable Zacks Rank #2 (Buy).
AAL has seen its earnings outlook drift higher across all timeframes over the last several months.
Image Source: Zacks Investment Research
American Airlines is forecasted to make an extensive recovery; estimates for its current fiscal year indicate a sizable 98% uptick in earnings Y/Y.
Looking ahead to FY23, AAL’s bottom line is expected to hit the green again, as shown in the chart below.
Image Source: Zacks Investment Research
In addition, the company has primarily posted better-than-expected quarterly results as of late, exceeding the Zacks Consensus EPS Estimate in three of its last four releases.
In its latest print, AAL registered an impressive 28% EPS beat and reported sales marginally above expectations.
Image Source: Zacks Investment Research
Exact Sciences Corp.
Exact Sciences is a molecular diagnostics company focused on the early detection and prevention of some of the deadliest forms of cancer.
Like the stocks above, analysts have raised their earnings estimates as of late, pushing the stock into a Zacks Rank #2 (Buy).
Image Source: Zacks Investment Research
A strong earnings report has shares up more than 100% over the last three months, as we can see in the chart below (green arrow circled). EXAS penciled in a 23% EPS beat and reported revenue roughly 5% ahead of expectations.
Image Source: Zacks Investment Research
Bottom Line
While inflation remains the market’s primary concern, stocks have gotten off to a solid start in 2023, with investors hoping that a more prosperous year is on the horizon.
And all three stocks above – Jinko Solar (JKS - Free Report) , American Airlines (AAL - Free Report) , and Exact Sciences (EXAS - Free Report) – have started the new year strong, all up more than 20% year-to-date.
In addition, all three have witnessed their earnings outlooks drift higher as of late, providing the fuel needed for the runs to continue.
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3 Top Stocks Already up More Than 20% In 2023
The market has started 2023 off on the right foot, with many stocks finding buyers year-to-date.
While we’ve flipped the calendar to a fresh year, the forces that negatively impacted the market in 2022 remain at the forefront of investors’ concerns, namely the Fed’s pivot to a hawkish nature in an attempt to cool down inflation.
And this morning, we received the latest Consumer Price Index (CPI) print, which revealed that the index rose 6.5% in December on a year-over-year basis. Further, Core CPI (which doesn’t include energy and food prices) climbed 5.7% year-over-year, precisely in line with estimates.
While the market digests the news, several stocks – Jinko Solar (JKS - Free Report) , American Airlines (AAL - Free Report) , and Exact Sciences (EXAS - Free Report) – have entirely ignored the market’s concerns, going on remarkably strong runs so far in 2023.
Below is a chart illustrating the year-to-date performance of all three stocks, with the S&P 500 blended in as a benchmark.
Image Source: Zacks Investment Research
As we can see, all three have enjoyed strong price action year-to-date. In addition, all three have seen their near-term earnings outlooks drift higher, providing the fuel needed to continue climbing.
Let’s take a closer look at each one.
Jinko Solar
Jinko Solar is a widely famous solar technology company with its business covering the core links of the photovoltaic industry chain.
Analysts have upped their earnings estimates for the company’s current and next fiscal year, helping land JKS into a Zacks Rank #1 (Strong Buy).
Image Source: Zacks Investment Research
The company’s valuation multiples aren’t stretched; JKS shares currently trade at a 9.4X forward earnings multiple, well beneath the 12.2X five-year median and the Zacks Energy – Alternate Sources industry average of 20.4X.
Jinko Solar carries a Style Score of “A” for Value.
Image Source: Zacks Investment Research
Growth is more than apparent, with the Zacks Consensus EPS Estimate of $3.70 for its current fiscal year (FY22) suggesting an improvement of more than 115% Y/Y. And in FY23, estimates indicate a further 93% of earnings growth.
American Airlines
American Airlines, the largest airline internationally, provides passenger and cargo services. Currently, the company sports a favorable Zacks Rank #2 (Buy).
AAL has seen its earnings outlook drift higher across all timeframes over the last several months.
Image Source: Zacks Investment Research
American Airlines is forecasted to make an extensive recovery; estimates for its current fiscal year indicate a sizable 98% uptick in earnings Y/Y.
Looking ahead to FY23, AAL’s bottom line is expected to hit the green again, as shown in the chart below.
Image Source: Zacks Investment Research
In addition, the company has primarily posted better-than-expected quarterly results as of late, exceeding the Zacks Consensus EPS Estimate in three of its last four releases.
In its latest print, AAL registered an impressive 28% EPS beat and reported sales marginally above expectations.
Image Source: Zacks Investment Research
Exact Sciences Corp.
Exact Sciences is a molecular diagnostics company focused on the early detection and prevention of some of the deadliest forms of cancer.
Like the stocks above, analysts have raised their earnings estimates as of late, pushing the stock into a Zacks Rank #2 (Buy).
Image Source: Zacks Investment Research
A strong earnings report has shares up more than 100% over the last three months, as we can see in the chart below (green arrow circled). EXAS penciled in a 23% EPS beat and reported revenue roughly 5% ahead of expectations.
Image Source: Zacks Investment Research
Bottom Line
While inflation remains the market’s primary concern, stocks have gotten off to a solid start in 2023, with investors hoping that a more prosperous year is on the horizon.
And all three stocks above – Jinko Solar (JKS - Free Report) , American Airlines (AAL - Free Report) , and Exact Sciences (EXAS - Free Report) – have started the new year strong, all up more than 20% year-to-date.
In addition, all three have witnessed their earnings outlooks drift higher as of late, providing the fuel needed for the runs to continue.