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Top Stock Picks for Week of March 20, 2023

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Allegro MicroSystems Inc. (ALGM - Free Report) is a designer, developer, fabless manufacturer and marketer of sensor integrated circuits and application-specific analog power ICs enabling emerging technologies in the automotive and industrial markets. This Computer and Technology stock has outperformed the sector so far this year. Since the beginning of the year, the stock has returned 53.3%. The consensus EPS estimate for the current year has increased over the past three months. Allegro’s earnings estimate revisions have remained higher over the last 30 days.  Allegro’s earnings are expected to soar by double digits this year and rise more in FY24. Allegro MicroSystems, is looking like an interesting pick from a technical perspective, as the company reached a key level of support. Recently, ALGM crossed above the 20-day moving average, suggesting a short-term bullish trend. 

Archer Daniels Midland Company (ADM - Free Report) is successor to the Daniels Linseed Co. This Illinois-based company is one of the leading producers of food and beverage ingredients as well as goods made from various agricultural products.Shares of Archer Daniels have been gaining in a year’s time on a robust earnings surprise trend, which continued in fourth-quarter 2022. Both top and bottom lines beat the Zacks Consensus Estimate and grew year over year. This marked the 14th straight quarter of an earnings surprise and the 13th straight quarter of adjusted operating profit growth. Results have been bolstered by robust global demand and a solid product portfolio. Persistent growth in the Nutrition segment bodes well. Management expects the Nutrition unit to remain positive in 2023, with more than 10% profit growth. Also, we expect revenues in this segment to grow 10% year over year in 2023.  Archer Daniels remains committed to returning good returns to shareholders in forms of dividends and share repurchases.

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