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With the first quarter in the books, one thing is sure – the market started 2023 off much better than last year’s comparable period.
Several stories gripped the market throughout the quarter, namely banking concerns and questions surrounding the Federal Reserve’s future path of rate hikes. In addition, Q4 2022 earnings season turned out to be better than feared, further lifting sentiment throughout the initial months of 2023.
As we’re all aware, the tech-heavy Nasdaq had a monster quarter, penciling in a +15% gain and delivering its best performance since 2020.
But what individual stocks stole the show in Q1?
Three well-known companies – NVIDIA, Salesforce and Airbnb – have all delivered outsized gains so far year-to-date.
Can their outperformance continue? Let’s take a closer look and see how each presently stacks up.
Airbnb
Airbnb’s leading platform provides a marketplace for connecting hosts and guests online or through mobile devices to book spaces and experiences. ABNB has seen positive earnings estimate revisions across nearly all timeframes over the last 60 days.
Airbnb posted strong quarterly results in its latest release, exceeding the Zacks Consensus EPS Estimate by nearly 80% and reporting revenue 2% ahead of expectations.
The market took the better-than-expected results in stride, with ABNB shares gaining more than 13% in the following trading session.
And to top it off, Airbnb boasts a solid growth profile, with earnings forecasted to climb 21% in its current fiscal year (FY23) and a further 20% in FY24. Consumers continue to find Airbnb’s unique platform attractive, helping to deliver a positive outlook for its top and bottom line.
NVIDIA
NVDA shares have delivered a remarkable performance since their 2022 October lows, up more than 100%. The company’s Artificial Intelligence (AI) operations have become a big focus among investors, with buyers consistently stepping up to get exposure to Wall Street’s shiny new toy.
Analysts have taken a bullish stance on the company’s outlook, pushing NVDA into a Zacks Rank #2 (Buy).
It’s no secret that NVDA shares are expensive, with the current 61.9X forward earnings multiple sitting well above the already steep 51.7X five-year median. Of course, technology stocks commonly trade at a premium relative to the general market, as that’s the price investors pay for growth.
Salesforce
Salesforce is the leading provider of on-demand Customer Relationship Management (software, enabling organizations to better manage critical operations. Like the stocks above, CRM’s earnings outlook has moved notably higher.
Like ABNB, the market was impressed with CRM’s latest quarterly results, with the company delivering a sizable 25% bottom line beat and reporting sales 5% above expectations.
Bottom Line
Several stocks delivered outsized gains in Q1, with buyers stepping up consistently throughout the period.
Sentiment has been much more positive in 2023 so far, undoubtedly a welcomed development following a forgettable 2022.
And all three stocks above – NVIDIA, Salesforce and Airbnb – stole the show, providing serious gains. In addition, all three sport a favorable Zacks Rank, indicating optimistic near-term outlooks.
Why Haven’t You Looked at Zacks' Top Stocks?
Since 2000, our top stock-picking strategies have blown away the S&P's +6.2 average gain per year. Amazingly, they soared with average gains of +46.4%, +49.5% and +55.2% per year. Today you can access their live picks without cost or obligation.
Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance for information about the performance numbers displayed in this press release.
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Zacks Investment Ideas feature highlights: NVIDIA, Salesforce and Airbnb
For Immediate Release
Chicago, IL – April 4, 2023 – Today, Zacks Investment Ideas feature highlights NVIDIA (NVDA - Free Report) , Salesforce (CRM - Free Report) and Airbnb (ABNB - Free Report) .
These 3 Top-Rated Stocks Roared in Q1
With the first quarter in the books, one thing is sure – the market started 2023 off much better than last year’s comparable period.
Several stories gripped the market throughout the quarter, namely banking concerns and questions surrounding the Federal Reserve’s future path of rate hikes. In addition, Q4 2022 earnings season turned out to be better than feared, further lifting sentiment throughout the initial months of 2023.
As we’re all aware, the tech-heavy Nasdaq had a monster quarter, penciling in a +15% gain and delivering its best performance since 2020.
But what individual stocks stole the show in Q1?
Three well-known companies – NVIDIA, Salesforce and Airbnb – have all delivered outsized gains so far year-to-date.
Can their outperformance continue? Let’s take a closer look and see how each presently stacks up.
Airbnb
Airbnb’s leading platform provides a marketplace for connecting hosts and guests online or through mobile devices to book spaces and experiences. ABNB has seen positive earnings estimate revisions across nearly all timeframes over the last 60 days.
Airbnb posted strong quarterly results in its latest release, exceeding the Zacks Consensus EPS Estimate by nearly 80% and reporting revenue 2% ahead of expectations.
The market took the better-than-expected results in stride, with ABNB shares gaining more than 13% in the following trading session.
And to top it off, Airbnb boasts a solid growth profile, with earnings forecasted to climb 21% in its current fiscal year (FY23) and a further 20% in FY24. Consumers continue to find Airbnb’s unique platform attractive, helping to deliver a positive outlook for its top and bottom line.
NVIDIA
NVDA shares have delivered a remarkable performance since their 2022 October lows, up more than 100%. The company’s Artificial Intelligence (AI) operations have become a big focus among investors, with buyers consistently stepping up to get exposure to Wall Street’s shiny new toy.
Analysts have taken a bullish stance on the company’s outlook, pushing NVDA into a Zacks Rank #2 (Buy).
It’s no secret that NVDA shares are expensive, with the current 61.9X forward earnings multiple sitting well above the already steep 51.7X five-year median. Of course, technology stocks commonly trade at a premium relative to the general market, as that’s the price investors pay for growth.
Salesforce
Salesforce is the leading provider of on-demand Customer Relationship Management (software, enabling organizations to better manage critical operations. Like the stocks above, CRM’s earnings outlook has moved notably higher.
Like ABNB, the market was impressed with CRM’s latest quarterly results, with the company delivering a sizable 25% bottom line beat and reporting sales 5% above expectations.
Bottom Line
Several stocks delivered outsized gains in Q1, with buyers stepping up consistently throughout the period.
Sentiment has been much more positive in 2023 so far, undoubtedly a welcomed development following a forgettable 2022.
And all three stocks above – NVIDIA, Salesforce and Airbnb – stole the show, providing serious gains. In addition, all three sport a favorable Zacks Rank, indicating optimistic near-term outlooks.
Why Haven’t You Looked at Zacks' Top Stocks?
Since 2000, our top stock-picking strategies have blown away the S&P's +6.2 average gain per year. Amazingly, they soared with average gains of +46.4%, +49.5% and +55.2% per year. Today you can access their live picks without cost or obligation.
See Stocks Free >>
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Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance for information about the performance numbers displayed in this press release.