Top Stocks to Watch for the Rest of 2024
As the year comes to a close, savvy investors are on the lookout for top-performing stocks to add to their portfolios. With the help of TipRanks’ innovative Smart Score tool, we’ve identified two high-scoring stocks that are poised for success in the remaining months of 2024.
Retail Powerhouse: Boot Barn Holdings (BOOT)
In the retail sector, Boot Barn Holdings stands out as a top performer. This lifestyle brand offers a range of Western-themed apparel, footwear, and accessories, catering to men, women, and kids. With over 420 brick-and-mortar stores across 46 states and a strong e-commerce presence, Boot Barn has established itself as the largest Western-themed lifestyle retail firm.
Despite a recent dip in share price following the announcement of CEO Jim Conroy’s departure, Baird analyst Jonathan Komp sees this as a buying opportunity. With strong continuity in the remaining team, Komp expects BOOT to deliver attractive relative earnings growth, supported by compelling unit expansion opportunities. He rates BOOT shares an Outperform, with a price target of $167, suggesting a 24% upside potential over the next year.
Biotech Breakthrough: Summit Therapeutics (SMMT)
In the biotech sector, Summit Therapeutics is making waves with its novel medicinal therapy, ivonescimab. This advanced PD-1/VEGF bispecific antibody has shown promising results in treating various cancers, including non-small-cell lung cancer. With multiple clinical trials ongoing and a strong cash position, JMP analyst Reni Benjamin believes Summit shares represent a unique investment opportunity. He rates SMMT shares an Outperform, with a price target of $32, implying a 50% gain over the next 12 months.
What’s Ahead for These Top Stocks?
Both Boot Barn Holdings and Summit Therapeutics have received strong buy ratings from analysts, with significant upside potential over the next year. As the market continues to evolve, these top-scoring stocks are poised to take advantage of emerging trends and opportunities. To stay ahead of the curve, investors would do well to keep a close eye on these stocks and consider adding them to their portfolios.
Find More Top Stocks with TipRanks
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