6 Top-Ranked S&P 500 Stocks Ride Out The Coronavirus Rout
Zacks Investment Research | Mar 03, 2020 10:18PM ET
The continuing spread of the coronavirus (officially COVID 19) and the Federal Reserve’s surprising 50-basis point (bps) rate cut rattled the markets on Mar 3. The coronavirus is now estimated to have infected more than 93,000 people with cases rising rapidly in Europe.
Moreover, the World Health Organization (WHO) Regeneron Pharmaceuticals, Inc. Quote
Qorvo (NASDAQ:QRVO) is benefiting from the robust adoption of its wireless connectivity, base station and Gallium Nitride (GaN) technology-based solutions. Moreover, this Zacks #1 Ranked company’s expanding portfolio of 5G solutions amid accelerated deployment of 5G is a key catalyst. You can see the complete list of today’s Zacks #1 Rank stocks here .
Qorvo has returned 1.8% in the past week. The Zacks Consensus Estimate for fiscal 2021 earnings stands at $7 per share, having moved 3.4% north over the past 60 days.
Ralph Lauren (NYSE:RL) is gaining traction from strength across all businesses, stringent cost discipline and continued investment in brand elevation and other strategic endeavors. Further, this Zacks Rank #2 (Buy) stock continues to witness strong international and digital footprint.
With speculations being rife about lockdowns in various parts of the world, the use of the Internet and Internet-based services is increasing. Ralph Lauren’s digital business is well-poised to take advantage of any lockdown. Its presence in China and Australia, based on partnerships with Tmall and Myer, is noteworthy in this regard.
Ralph Lauren has returned 3.6% in the past week. The Zacks Consensus Estimate for its fiscal 2021 earnings has moved 2.6% up in the past 60 days to $8.67 per share.
MSCI (NYSE:MSCI) is benefiting from robust demand for custom and factor index modules as well as the increasing uptake of the ESG solution in the investment process. This #2 Ranked company’s open architecture approach enables it to integrate content from any third-party application. This is likely to keep fueling user growth.
MSCI shares have inched up 2.8% in the past week. The consensus mark for 2020 earnings stands at $7.42 per share, having rised 3.5% over the past 60 days.
NVIDIA (NASDAQ:NVDA) is gaining from strong growth in GeForce desktop and notebook GPUs, which is aiding its gaming revenues. Moreover, an uptick in Hyperscale demand is a tailwind for this Zacks #2 Ranked stock’s data-center business. Additionally, ray-traced gaming, rendering, high-performance computing, AI and self-driving cars are key growth prospects.
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NVIDIA has gained 1.5% in the past week. The Zacks Consensus Estimate for fiscal 2021 earnings has increased 9.9% to $7.80 over the past 60 days.
Netflix (NASDAQ:NFLX) shares have gained 2.4% in the past week. This stock with a Zacks Rank of 2 is benefiting from buoyant demand for its streaming services amid growing speculations of lockdowns in various parts of the world in response to the coronavirus outbreak. Apart from a solid content portfolio, expanding international footprint is a key driver. Moreover, the launch of low-priced mobile plans in India, Indonesia and Malaysia is expected to broaden the subscriber base in the Asia-Pacific.
For the first quarter of 2020, Netflix expects to add 7 million paid subscribers. The company expects to have 174.09 million paid subscribers globally, indicating a 16.9% rise from the year-ago reported figure.
The Zacks Consensus Estimate for Netflix’s 2020 earnings has been raised 10.6% to $6.06 in the past 60 days.
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